Flashcards
Chapter 3 Vocab
Cards in this deck (17)
- 1Account BalanceThe difference between the amounts recorded on the two sides of an account.
- 2AccountsWritten records of the assets, liabilities, and owner's equity of a business.
- 3ClassificationA means of identifying each account as an asset, liability, or owner's equity.
- 4FootingA small pencil figure written at the base of the amount column showing the sum of the entries in the column.
- 5T AccountType of account used to analyze the affects of a business transaction.
- 6T Accouting - LiabilityRight side shows increases
Left side shows decreases
- 7T account - AssetsLeft side shows increases
Right side shows decreases
- 8Chart of accountsA list of the accounts used by a business to record its financial transactions.
- 9CreditAn entry on the right side of an account.
- 10DebitAn entry on the left side of an account.
- 11Double entry systemAn accounting system that involves recording the effects of each transaction as debits and credits.
- 12Drawing accountSpecial type of owner's equity account set up to record the owner's withdrawal of cash from the business.
- 13Permanent accountAccount that is kept open from one accounting period to the next.
- 14SlideAccounting error involving a misplaced decimal point.
- 15Temporary accountAccount whose balance is transferred to another account at the end of an accounting period.
- 16TranspositionAccounting error involving misplaced digits in a number.
- 17Trial balanceStatement to test the accuracy of total debits and credits after transactions have been recorded.
Information
- Description
- Undergraduate Accounting Flashcards on Chapter 3 Vocab, created by Kate Coleman on 15/11/2014.
- Created by
- Kate Coleman
- Views
- 31
- Tags
- Rating