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chapter 3
[T-accounts]
16
Accounting
09/20/2011
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Term
account
 Definition
separate records
[assets-liabilities-OE]
Term
classification
 Definition
assets-liabilities-OE
Term
account balance
 Definition
difference between amounts on the two sides
Term
footing
 Definition
total at bottom with [Bal.]
Term
normal balance
 Definition
increase side of account
Term
drawing account
 Definition
record withdrawals [left side]
Term
debit
 Definition
left side
Term
credit
 Definition
right side
Term
double-entry system
 Definition
each transaction has two entries [debit-credit]
Term
trial balance
 Definition
tests accuracy of total debits && credits
Term
transposition
 Definition
digits of a number are switched [divide by 9]
Term
slide
 Definition
decimal point is misplaced [divide by 9]
Term
chart of accounts
 Definition
list of all accounts used by business
Term
permanent accounts
 Definition
real accounts
Term
temporary accounts
 Definition
nominal accounts
Term
temporary accounts
 Definition
nominal accounts