1. Analyzing Business Transactions Using T Accounts FLASHCARDS

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

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

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

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

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

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