Accounting Chapter 2
Terms
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- account
- record that shows the increases and decreases of a financial statement
- dividends
- distribution of earnings to stockholders
- left side of the T-account represents?
- debits
- right side of the T-account represents?
- credits
- journalizing
- process of recording a transaction in the journal - journal entry
- double-entry accounting
- the sum of the debits is always equal to the sum of the credits in a journal entry
- posting
- the process of transferring the debits and credits from the journal entries to the account
- trial-balance
- the proof of the equality of the debit and credit balances
- transposition
- an error that occurs when the order of the digits is changed mistakenly
- slide
- an error that occurs when a number is mistakenly moved one or more spaces to the right or left