| A | B |
|---|
| Account Balance | Difference between the amounts on the two sides of the account. |
| Permanent Accounts | A type of account that is kept open from one accounting period to the next. |
| Temporary Accounts | An account whose balance is transferred to another account at the end of the accounting period. |
| Chart of Accounts | A list of the accounts used by a business to record its financial transactions. |
| Footing | A small pencil figure written at the base of an amount column showing the sum of the entries in the column. |
| Slide | An accounting error involving a misplaced decimal point. |
| T account | A type of account used to analyze the effects of a business transaction; looks like a T. |
| Credit | Entry on the right side of an account. |
| Debit | Entry on the left side of an account. |
| Classification | A means of identifying each account as an asset, liability or owner's equity. |
| Accounts | Written records of the assets, liabilities and owner's equity of a business. |
| Double-entry system | An accounting system that involves recording the effects of each transaction as debits and credits. |
