| A | B |
|---|
| account | a detailed record of the changes that have occurred during a period of time |
| ledger | groups of accounts linked together |
| assets | economic resources that benefit a business |
| liabilities | a debt owed |
| owner's equity | an owner's claim on the assets of a business |
| debit | left side of the T account |
| credit | right side of the T account |
| posting | transferring the amounts from the journal to the ledger |
| trial balance | a list of all accounts with their balances |
| journal | a listing of transactions based upon time |
