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18 Cards in this Set

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The basic summary device of accounting; the detailed record of all the changes in a particular asset, liability, or owner's equity as a result of transactions.
The difference between an account's total debit and total credit amounts; the ending value of an account.
Chart of Accounts
A list of all the accounts of a business and the numbers assigned to those accounts.

The right side of any account; an entry made to the right side of an account.

The left side of any account; an entry made to the left side of an account.
Double-Entry Accounting
The rule of accounting that specifies, because transactions are measurable exchanges, every transaction involves at least two accounts and will thus be recorded with equal amounts of debits and credits.
The chronological accounting record of the transactions of a business.
Enter a transaction in a journal. Also record.
The accounting record summarizing in accounts, the transactions of a business and showing the resulting account balances.
Normal Balance
The balance that appears on the side of an account where increases are recorded; the expected balance of an account.
Note Receivable
A written promise of future payment received by the business.
Copying amounts from the journal to accounts in the ledger.
Posting Reference
A notation in the journal and ledger that links these two accounting records together.
Promisory Note
A written pledge to pay a fixed amount of money at a later date.
Enter a transaction in a journal. Also called journalize.
An informal account form used to summarize transactions, where the top of the T holds the account title and the base divides the debit and credit sides of the account.
The economic events, or exchanges, that have a measurable impact on the financial position of a business.
Trial Balance
A list of all the accounts of a business and their balances in balance sheet order; its purpose is to verify that total debits equal total credits.