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17 Cards in this Set
- Front
- Back
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Account Balance |
The difference between the totals debits and the total credits. |
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Chart of Accounts |
A list of all the accounts titles and the account numbers assigned to them |
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Compound Entry |
An accounting entry that involves more than two accounts |
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Credit Side |
The right side of a standard of a standard account |
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Debit balance |
A situation in which the total of the debits in an account is larger than the total of the credits in that account |
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Double Compound Entry |
The process of recording equal debits and credits for a single business transactions. |
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Dr. |
The Abbreviation for debit. |
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Footing |
The total dollar amount written in the small pencil figures under the last entry in column of an account |
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In Balance |
A situation in which the total of the debits and the total of the credit an equal |
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Journalizing |
The process of recording business transactions in journal |
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Ledger |
A complete set of all accounts used by a business |
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Normal balance |
The side of an account that is increased |
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Posting |
The transferal of data from the journal to the ledger |
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T account |
The skeleton form of an account |
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Source document |
The first record of a business transactions |
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Transportation Error |
An error that occurs when two digits are reversed |
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Trail Balance |
Not a formal financial statement-a list of all the accounts showing the title and balance of each account; shows the equality between the sum of the debit and credits entries; is an aid in financial statement preparation. |
