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ACC-Chapter 2

QuestionAnswer
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 the 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 record in appropriate accounts the dual effect of each transaction
General Journal The most basic form of 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 an account
Trial Balance A list of accounts and their balances at a given time
Created by: JJACCOUNTING
 

 



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