Careers in Accounting
This accounting professional prepares financial statements and helps businesses track their income and expenses.
Accountant
This accounting record shows all increases and decreases for a single account.
Ledger Account
This side of an account is used to increase assets.
Debit side
This accounting term describes buying goods or services now with the promise to pay later.
Purchasing on account
Recording $420 as $240 would cause the trial balance to be off by this amount.
$180
This accounting professional examines financial records to ensure they are accurate and follow laws and regulations.
Auditor
This side of a ledger account records increases for assets.
Debit Side
this account is credited when a company pays cash to reduce Accounts Payable
Bank
This transaction occurs when a business pays part or all of what it owes to a supplier for a previous purchase on account.
Payment on Account
This is the first step in the trial balance preparation process
Write the headings
These accountants specialize in preparing tax returns and helping individuals or companies reduce tax liabilities legally.
Tax Accountant
This side of a ledger account records increases for liabilities and equity
Credit side
This account is debited if the owner of a business withdraws cash from their business
Capital
This type of transaction allows the customer to receive goods immediately while paying at a later date.
Sale on Account
This is the second step to do when identifying errors on a trial balance
Check the ledger
This accounting role investigates financial crimes such as fraud and embezzlement.
Forensic Accountant
This is the difference between the debit and credit sides of an account.
Account Balance
This account is credited when a customer makes an outstanding payment to the business
Accounts Receivable
This transaction occurs when a customer pays a business for goods or services previously sold on account.
Receipt on Account
If a transaction is completely omitted from the ledger, the trial balance will do this.
Still balance
These accountants work inside a company and help managers make financial decisions using internal reports.
Managerial Accountant
This document is done after posting to the ledger and before preparing the balance sheet
Trial Balance
This rule of accounting states that every transaction must have at least one debit and one credit and the totals must be equal.
Double-entry accounting system
A sale on account affects two parts of the accounting equation: assets and this other category.
Equity / Capital
This document is used to prepare the trial balance and contains all accounts and their running balances.
Ledger