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AC1103

Week 3

TermDefinition
What is T-Accounts also known as? Ledger Accounts
Carriage Inwards Transport costs relating to the goods that the business purchased
Credit Balance When the total amount of money on the credit side is greater than the debit side
Creditor Business or person who supplies goods on credit
Debit Balance When the total amount of money on the debit side is greater than the credit side
Debtor Someone is owes money to the business
Posting Referring to the actual process of placing the book-keeping entry in each account
Trade Payables The amount the business owes to its suppliers
Trade Recievables The amount someone owes to the business
Why is it important to prepare a trial balance in advance of extracting the financial statements? It shows that debits and credits have been posted to the general ledger accounts in equal values
What is main purpose of the trial balance? It helps to check the arithmetical accuracy of the double entry
Created by: peadarbailey1206
 



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