Term
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Definition
| The form used to record additions and deductions for each individual asset, liability, owner's equity, revenue, and expenses. |
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Definition
| Resources that are owned by the business. |
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Definition
| The amount of difference between the debits and the credits that have been entered into an account. |
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Definition
| The system of accounts that make up the ledger for a business. |
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Term
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Definition
| (1) the right side of an account; (s) the amount entered on the right side of an account; (3) to enter an amount on the right side of an account. |
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Term
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Definition
| (1) The left side of an account; (2) the amount entered on the left side of an account; (3) to enter an amount on the left side of an account. |
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Term
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Definition
| A system for recording transactions, based on recording increases and decreases in accounts so the debuts always equal credits. |
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Definition
| The account used to record amounts withdrawn by an owner of a proprietorship. |
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Definition
| Assets used up or services consumed in the process of generating revenue. |
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Definition
| The initial record in which the effects of a transaction on accounts are recorded. |
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Term
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Definition
| The form of recording a transaction in a journal. |
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Term
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Definition
| The process of recording a transaction in a journal. |
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Definition
| The group of accounts used by a business. |
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Definition
| The rights of creditors that represent the debts of the business. |
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Term
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Definition
| A concept of accounting that accounts for items that are deemed significant for a given size of operations. |
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Term
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Definition
| The process of transferring debits and credits from a journal to the accounts. |
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Term
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Definition
| the erroneous movement of all digits in a number, one or more spaces to the right or the left, such as writing $542 as $5,240. |
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Term
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Definition
| A form of account resembling the letter T, showing debits on the left and credits on the right. |
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Term
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Definition
| the erroneous arrangement of digits in a number, such as writing $542 as $524. |
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Definition
| A summary listing of the titles and balances of the accounts in the ledger. |
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