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Exam 2
ACC 117
| Term | Definition |
|---|---|
| balance | the difference between the footings of an account |
| credit | to enter an amount on the right side of an account |
| credit balance | the normal balance of liability, owner's equity, and revenue accounts |
| debit | to enter the amount on the left side of an account |
| debit balance | the normal balance of asset, expense, and drawing accounts |
| double-entry accounting | a system in which each transaction has a dual effect on the accounting elements |
| footings | the total dollar amounts on the debit and credit sides of an account |
| normal balance | the side of an account that is increased |
| trial balance | a list of all accounts, showing the title and balance of each account, used to prove that the sum of the credits |
| book of original entry | the journal of the first formal accounting record of a transaction |
| chart of accounts | a list of used by a business |
| compound entry | a general journal entry that affects more than two accounts |
| correcting entry | an entry to correct an incorrect entry that has been journalized and posted to the wrong account |
| cross-reference | the information in Posting Reference columns of the journal and ledger that provides a link between the journal and ledger |
| general ledger | a complete set of all accounts used by a business. It accumulates a complete record of the debits and credits made to each account as a result of entries made in the journal |
| general ledger account | an account with columns for the debit or credit transaction and columns for the debit or credit running balance |
| journal | a day-by-day listing of the transactions of a busines |
| journalizing | entering the transactions in a journal |
| posting | copying the debits and credits from the journal to the ledger accounts |
| slide error | an error that occurs when debit or credit amounts "slide" a digit or two to the left or right |
| source document | any document that provides information about a business transaction |
| transposition error | an error that occurs when two accounts are reversed |
| trial balance | a list used to prove that the totals of the debit and credit balances in the ledger accounts are equal |
| two-column general journal | a journal with only two amount columns, one for the debit amounts and one for credit amounts |
Created by:
anichols23
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