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Details

chapter 3
[T-accounts]
16
Accounting
12th Grade
09/20/2011

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Cards

Term
account
Definition
separate records
[assets-liabilities-OE]
Term
classification
Definition
assets-liabilities-OE
Term
account balance
Definition
difference between amounts on the two sides
Term
footing
Definition
total at bottom with [Bal.]
Term
normal balance
Definition
increase side of account
Term
drawing account
Definition
record withdrawals [left side]
Term
debit
Definition
left side
Term
credit
Definition
right side
Term
double-entry system
Definition
each transaction has two entries [debit-credit]
Term
trial balance
Definition
tests accuracy of total debits && credits
Term
transposition
Definition
digits of a number are switched [divide by 9]
Term
slide
Definition
decimal point is misplaced [divide by 9]
Term
chart of accounts
Definition
list of all accounts used by business
Term
permanent accounts
Definition
real accounts
Term
temporary accounts
Definition
nominal accounts
Term
temporary accounts
Definition
nominal accounts
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