Accounting Terms II

Front

The process of recording business transactions chronologically.

Back

journalizing

Front

The following is the accounting equation: assets = liabilities + owners equity

Back

true

Front

Debits do not have to equal credits.

Back

false

Front

A tool used to analyze transactions into debit and credit parts.

Back

t account

Front

This column is used to put the account number.

Back

post ref. in journal

Front

A form that lists accounts used by a business along with balances.

Back

general ledger

Front

List accounts names and their balances on a specific date. Allows you to detect errors.

Back

trial balance

Front

This column is used to put the page number

Back

Post Ref in Ledger

Front

A form you record financial transactions

Back

General Journal

Front

This financial statement allows you to find out whether the company has a net loss or net income.

Back

income statement