Terminology 1
The difference between the footings of an account is called the _______
balance
A system in which each transaction has a dual effect on the accounting element is called ____ ___ ____
Double entry accounting
A method of correcting an entry in which a line is drawn is called the ___ ____
Ruling Method
In drawing T account Debit will be _______?
Increased
To enter an amount on the right side of an account T chart is called the ______ side
Credit
The total dollar amounts on the debit and credit sides of an account is called _______
Footings
What is called the shape of any account? it is a __ ___
T- Account
In revenue T account Debit will be______?
Decreased
The normal balance of liability, owner’s equity, and revenue accounts is referred to as the ____ ____
Credit Balance
The side of an account that is increased is called the ______ ____
Normal Balance
Accounts in the accounting equation and/or the owner’s equity in your textbook is called? _______
Umbrella
Use T accounts to analyze_________?
Transactions
To enter an amount on the left side of an account is referred to as the ____ side
Debit
A list used to prove that the totals of the debit and credit balances in the ledger accounts are equal is called a ____ _____
Trial Balance
Trial Balance is an aid to prepare a ________ ____
Financial Statement
For a consulting company, consulting Fees is called_____?
Revenue
The normal balance of asset, expense, and drawing accounts is referred to as the ______ _______
Debit Balance
Copying the debits and credits from the journal to the ledger accounts is called _______
Posting
In every transaction, debits and credit must be _____?
Equal
Utility, wages and rents is called______?
Expenses