Term
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Definition
| An accounting device used in bookkeeping to record increases and decreases of business transactions relating to individual assets, liabilities, capital, withdrawals, revenue, expenses, and so on. |
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Term
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Definition
| A numbering system of accounts that lists the account titles and account numbers to be used by a company. |
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Term
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Definition
| A transaction involving more than one debit or credit. |
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Term
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Definition
| The right-hand side of any account. |
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Term
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Definition
| The left-hand side of any account. |
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Term
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Definition
| An accounting system in which the recording of each transaction affects two or more accounts and the total of the debit is equal to the total of the credits. |
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Term
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Definition
| The difference between footings in a T account. |
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Term
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Definition
| The total of each side of a T account. |
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Term
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Definition
| A group of accounts that records data from business transactions. |
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Term
| Normal balance of an account |
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Definition
| The side of an account that increases by the rules of debit and credit. |
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Term
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Definition
| A formal account that includes columns for date, explanation, posting reference, debit, and credit. |
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Term
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Definition
| A skeleton cersion of a standard account, used for demonstration purposes. |
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Term
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Definition
| A list of ending balances of all the accounts in a ledger. The total of debits should equal the total of credits. |
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