Term
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Definition
| Cash, Accounts receivable, note receivable, prepaid accounts, supplies accounts, equipment accounts, buildings account, land. |
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Term
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Definition
| Accounts payable, note payable, unearned revenue, accrued liabilities. |
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Term
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Definition
| Owner investments, owner withdrawals, revenue accounts, expense accounts. |
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Term
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Definition
| Represents a ledger account and is a tool used to understand the effects of one or more transactions. (LEFT: debit, RIGHT: credit) |
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Term
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Definition
| Demands the accounting equation remain in balance and thus requires that for each transition: at least two accounts involved, with at least one debit and one credit. The total amount debited must equal the total amount credited. |
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