Accounting Chapter 2 Definitions Flashcards
1
Q
Account
A
A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period.
2
Q
Ledger
A
The record holding all the accounts of a business, the changes in those accounts, and their balances.
3
Q
Compound journal entry
A
A journal entry that is characterized by having multiple debits and/or multiple credits.
4
Q
Journal
A
A record of transactions in date order
5
Q
Debit
A
Left side of the T account
6
Q
Normal balance
A
Side of an account where increases are recorded
7
Q
Posting
A
Transferring amounts from the journal to the ledger
8
Q
Credit
A
Right side of the T account
9
Q
Trial balance
A
A list of all accounts with their balances at a point in time
10
Q
Chart of accounts
A
A list of all accounts with their account numbers
