Accounting – Accounts (Chapter Two) Study Guide For Quiz -...

This preview shows page 1 - 2 out of 2 pages.

The preview shows page 1 - 2 out of 2 pages.
Accounting – Accounts (Chapter Two) Study Guide For QuizAccount Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense. Account Balance Difference between total debits and total credits (including the beginning balance) for an account. Balance Column Account Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry. Chart of Accounts List of accounts used by a company; includes an identification number for each account. Compound Journal Entry Journal entry that affects at least three accounts. Credit Recorded on the right side; an entry that decreases asset and expense accounts, and increases liability, revenue, and most equity accounts; abbreviated Cr. Creditor Individuals or organizations entitled to receive payments. Debit Recorded on the left side; an entry that increases asset and expense accounts, and decreases

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 2 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Summer
Professor
Graafeiland
Tags
Accounting, Balance Sheet, Revenue, Double entry bookkeeping system, Balance column account

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture