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16 Cards in this Set
- Front
- Back
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Account Balance |
The difference between the amounts recorded on the two sides of an account |
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Accounts |
Written records of the assets, liabilities, and owner's equity of a business |
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Chart of Accounts |
List of the accounts used by a business to record it's financial transactions |
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Classification |
a means of identifying each account as an asset, liability or owner's equity |
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Credit |
An entry on the right side of an account |
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Debit |
An entry on the left side of an account |
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Double-entry System |
An accounting system that involves Recording the effects of each transaction as debits and credits |
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Drawing Account |
A special type of owner's equity account setup to record the owner's withdrawals of cash from the business |
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Footing |
A small pencil figure written at the base of an amount column showing the sum of the entries in the column |
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Normal Balance |
The increase side of an account |
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Permanent Account |
An account that is kept open from one accounting period to the next |
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Slide |
An accounting error involving a misplaced decimal point |
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T Account |
A type of account resembling a T, Used to analyze the effects of a business transaction |
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Temporary Account |
An account who's balance is transferred to another account at the end of an accounting period |
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Transposition |
An accounting error involving misplaced digits in a number |
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Trial Balance |
A statement to test the accuracy of total debits and credits after transactions have been recorded |
