| A | B |
|---|
| accounts payable | An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. |
| accounts receivable | Money owed by customers (individuals or corporations) to another entity in exchange for goods or services that have been delivered or used, but not yet paid for |
| balance | Difference in dollars between the total debit footing and the total credit footing of an account. |
| chart of accounts | a list of account numbers and titles that facilitates finding accounts in the ledger |
| classification | the process of assigning transactions to the appropriote accounts |
| common stock | A security that represents ownership in a corporation |
| cost | the exchange price associated with a business transaction at the point of recognition |
| credit | right side of an account. |
| debit | the left side of an account |
| double entry system | the accounting system in which each transaction is recorded with at least one debit and one credit, so that the total amount of debits equals the total amount of credits |
| general journal | is where double entry bookkeeping entries are recorded by debiting one account and crediting another account with the same amount. |
| account | gkalkgakgakla |
| normal balance | ha;lha;lha; |
| posting | the process of transferring info from the journal to the general ledger |
| pre paid expenses | arises on a balance sheet as a result of business making payments for goods and services to be received in the near future. |
| recognition | the transaction is recorded in the records of the company and reported in its financial statements |
| retained earnings | The accumulated net income retained for reinvestment in a business, rather than being paid out in dividends to stockholders. |
| T account | This account lists the name of the account on top, debits are on the left and credits are on the right. The goal of a t account is for total assets to equal total liabilities. |
| trial balance | g;l;gla;; |
| Valuation | lgkflgklgak |
| Entry on right side of account is. | debit |
| liabilites increase by credits as do | kflakflaklfak |
| whats an example of a liability account | lkglkslkglakl |
| whats the purpose of trial balance | lkdlkalalkga |
| whats a measurement issue in accounting | lkflalfkal |
| cost principle is most closely related to | lgkakglagkal |
| the purpose of the ledger is to | galkaklgkalkga |
| whats a recognition issue | lkalkflakll |
| whats a classification issue | lkgalkgalgka |
| what is a journal | lkafkakflakl |
| what accounts are counted as an asset | glakglakglak |
| what accounts have a normal debted balance | aklgkalkal |
| what is increased by credit | glaklgkalk |
| when a company hires an employee when is the transaction recorded. | aklgkagkalkl |
| Whats the proper value of a business transaction | glaklgaklgak |
| what needs a seperate account | kglaklaklgkal |
| the account is a basic storage unit for | lakglkgallk |
| a chart of accounts counts all the balances of | lkgkgaklgakl |
| management can determine cash on hand by referring to the | lgkalkgalkgla |
| another name for the ledger is. | gklagkakglakl |
| accounts and ledger are listed . | lgkalkgla |
| whats the rule of double entry. | gklakglakl |
| total debits must = .... | gkalgkalalal |
| debit is always a _ to an account | kgalkgaklk |
| a credit means that an account has.. | lkaslfklskll |
| asset accounts and expense accounts change on what side of the account | lkgakglakl |
| liability accounts change how by debits | lkgalkgall |
| dividends are shown as expenses on | lkglakgalk |
| in all journal entries, at least one account must go up and another must decrease is this true? | klakglaklgaklk |
| are journal entries made before transactions put into the ledger | gkalllkg |
| the normal balance of a liability account is on | lkgalgaklk |
| the retained earnings accout is increased by | glakglakglkal |
| T accounts are not used in.. | gkalkgalgalk |
| what is the journal | gaklkakglakgla |
| In a journal entry are credits indented. | glkalgkal |
