| A) | A record where transactions are recorded before they are recorded in accounts; amounts are posted from the journal to the ledger; also called the book of original entry.
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| B) | Recording transactions in a journal.
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| C) | The debit or credit side on which an account increases. For example, assets increase with debits, therefore the normal balance for an asset is a debit. Revenues increase with credits, therefore a credit is the normal balance for a revenue account.
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| D) | An asset account containing payments made for assets that are not to be used until later.
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| E) | The difference between the increases (including the beginning balance) and decreases recorded in an account.
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| F) | An account with debit and credit columns for recording entries and a third column showing the balance of the account after each entry is posted.
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| G) | A journal entry that affects at least three accounts.
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| H) | A place or location within an accounting system in which the increases and decreases in a specific asset, liability, or equity are recorded and stored.
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| I) | An unconditional written promise to pay a definite sum of money on demand or on a defined future date(s); also called a promissory note.
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| J) | An unconditional written promise to pay a definite sum of money on demand or on a defined future date(s); also called a note receivable.
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| K) | The steps repeated each reporting period for the purpose of preparing financial statements for users.
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| L) | An accounting system where every transaction affects and is recorded in at least two accounts; the sum of the debits for all entries must equal the sum of the credits for all entries.
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| M) | The most flexible type of journal; can be used to record any kind of transaction.
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| N) | Error due to two digits being switched or transposed within a number.
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| O) | When services are performed for or goods are sold to customers in return for promises to pay in the future, an account receivable is recorded. These transactions are said to be on credit or on account. Accounts receivable are increased by services performed or goods sold on credit and decreased by customer payments.
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| P) | A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.
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| Q) | A column in journals where individual account numbers are entered when entries are posted to the ledger. A column in ledgers where journal page numbers are entered when entries are posted.
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| R) | Obligations that arise when an organization formally recognizes a promise to pay by signing a promissory note.
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| S) | Obligations that arise when a promise to pay later is made in connection with purchases of merchandise, supplies, or equipment.
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| T) | A simple characterization of an account form used as a helpful tool in showing the effects of transactions and events on specific accounts.
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| U) | A list of all accounts used by a company; includes the identification number assigned to each account.
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| V) | An entry that decreases asset, expense, and owner's withdrawals accounts or increases liability, owner's capital, and revenue accounts; recorded on the right side of a T-account.
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| W) | An entry that increases asset, expense, and owner's withdrawals accounts or decreases liability, owner's capital, and revenue accounts; recorded on the left side of a T-account.
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| X) | Transfer journal entry information to ledger accounts.
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| Y) | Liabilities created when customers pay in advance for products or services; created when cash is received before revenues are earned; satisfied by delivering the products or services in the future.
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| Z) | A record containing all accounts used by a business.
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