Analyzing Business Transactions Using T Accounts FLASHCARDS.

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Presentation transcript:

Analyzing Business Transactions Using T Accounts FLASHCARDS

Account balance The difference between the amounts recorded on the two sides of an account Account balance

Double-entry system An accounting system that involves recording the effects of each transaction as debits and credits Double-entry system

Accounts Written records of the assets, liabilities, and owner’s equity of a business Accounts

T account A type of account, resembling a T, used to analyze the effects of a business transaction T account

Footing A small pencil figure written at the base of an amount column showing the sum of the entries in the column Footing

For additional reinforcement of accounting terms, visit the crossword puzzle on this Web site.

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