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Prin. Acct. Ch. 2

Terms and Definitions

Account A record of increases and decreases in specific asset, liability, or owner's equity items.
Chart of Accounts A list of accounts and the account numbers that identify their location in he ledger.
Compound Entry A journal entry that involves three or more accounts.
Credit The right side of an account
Debit The left side of an account
Double-Entry System A system that records in appropriate accounts the dual effect of each transaction
General Journal The most basic form of a journal
General Ledger A ledger that contains all asset, liability, and owner's equity accounts.
Journal An accounting record in which transactions are initially recorded in chronological order.
Journalizing The entering of transaction data in the journal.
Ledger The entire group of accounts maintained by a company.
Normal Balance An account balance on the side where an increase in the account is recorded.
Posting The procedure of transferring journal entries to the ledger accounts.
Simple Entry A journal entry that involves only two accounts.
T Account The basic form of an account.
Three-Column Form of Account A form with columns for debit, credit, and balance amounts in the account.
Trial Balance A list of accounts and their balances at a given time.