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ACC-Chapter 2
| Question | Answer |
|---|---|
| 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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