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18 Cards in this Set
- Front
- Back
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Account
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A record of increases and decreases in specific asset, liability and stockholders' equity items
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Chart of accounts
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A list of accounts and the account numbers that identify their location in the ledger
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Common stock
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Issued in exchange for the owners' investment paid in to the corporation
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Compound entry
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A journal entry that involves three or more accounts
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Credit
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The right side of an account (Cute way to put it....I don't know what to say, except I learned it a BIT differently.... WTF?)
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Debit
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The left side of an account (Ok, now it's getting old.)
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Dividend
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A distribution by a corporation to its stockholders on a pro rata (equal) basis
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Double-entry system
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A system that records in appropriate accounts the dual effect of each transaction
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General Journal
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The most basic form of journal
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General ledger
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The ledger that contains all asset, liability, and stockholders' equity accounts
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Journal
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An accounting record in which transactoins are initially recorded in chronoligical order
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Ledger
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The entire group of accounts maintained by a company
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Posting
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The procedure of transferring journal entries to the ledger accounts
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Retained earnings
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Net income that is retained in the business
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Simple entry
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A journal entry that involves only two accounts
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T- Account
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The basic form of an account
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The Three-Column form of account
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A form with columns for debit, credit, and balance amounts in an account
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Trial Balance
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A list of accounts and their balances at a given time.
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