Terms
An entry on the right side of an account.
Credit
An entry on the left side of an account.
Debit
The difference between the amounts recorded on the two sides of an account.
Account Balance
A small pencil figure written at the base of an account column showing the sum of the entries in the column.
Footing
Who played in the first Super Bowl?
Chiefs and Packers
The increase side of an account.
Normal Balance
The list of the accounts used by a business to record its financial transactions.
Chart of Accounts
Written records of the assets, liabilities, and owner's equity of a business.
Accounts
An account that is kept open from one accounting period to another.
Permanent Account
Who is the reigning MVP in the NBA?
Nikola Jokic
An accounting error involving a misplaced decimal point.
Slide
An account whose balance is transferred to another account at the end of an accounting period.
Temporary Account
A special type of owner's equity account set up to record the owner's withdrawal of cash from the business.
Drawing Account
Looks like a cross and has two sides.
T Account
Who is the reigning Player of the Year in UMAC Women's soccer?
My daughter.
A means of identifying each account as an asset, liability, or owner's equity.
Classification
A statement to test the accuracy of total debits and credits after transactions have been recorded.
Trial Balance
The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties.
Accounting
A business bought 18,000 in office equipment, paid $7200 cash and the rest was on credit terms. What are the transactions?
Debit $18,000 Office Equipment
Credit Cash $7200 and Accounts Payable $10,800
How many MVP's has Tom Brady won?
3
An accounting error involving misplaced digits in a number.
Transposition
An accounting system that involves recording the effects of each transaction as debits and credits.
Double-entry System
Periodic reports of a firms' financial position or operating results.
Financial Statements
A company sold excess equipment they had previously purchased for $8000, what are the transactions.
Debit Cash $8000 and credit Equipment $8000
What is the national sport of Canada?
LaCrosse