| A | B |
|---|
| Temporary Accounts | Accounts used to collect information that will be transferred to permanent capital accounts at the end of the accounting period. |
| Permanent Accounts | Accounts that are continuous from one accounting period to the next; balances are carried forward to the next period. |
| Revenue Recognition | The GAAP principle that revenue is recorded on the date it is earned even if cash has not been received. |
| Ledger | A group of accounts; also referred to as a general ledger. |
| Double Entry Accounty | A system used to analyze and record a transaction. |
| Debit | An entry on the left side of an account. |
| Credit | An entry on the right side of an account. |
| T- Account | A visual representation of a ledger account. The T account is a tool used to analyze transactions. |
| Normal Balance | The increase side of an account. |
