BA110 Unit 2 Terminology Exam

Created by IECRB

1. The difference between the amounts recorded on the two sides of an account
2. Written records of the assets, liabilities, and owner’s equity of a business
3. A list of the accounts used by a business to record its financial transactions
4. A means of identifying each account as an asset, liability, or owner’s equity
5. An entry on the right side of an account
6. An entry on the left side of an account
7. An accounting system that involves recording the effects of each transaction as debits and credits
8. A special type of owner’s equity account set up to record the owner’s withdrawal of cash from the business
9. A small pencil figure written at the base of an amount column showing the sum of the entries in the column
10. The increase side of an account
11. An account that is kept open from one accounting period to the next
12. An accounting error involving a misplaced decimal point
13. A type of account, resembling a T, used to analyze the effects of a business transaction
14. An account whose balance is transferred to another account at the end of an accounting period
15. An accounting error involving misplaced digits in a number
16. A statement to test the accuracy of total debits and credits after transactions have been recorded

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BA110 Unit 2 Terminology Exam (Answer Key)

Created by IECRB

p 1. The difference between the amounts recorded on the two sides of an account
f 2. Written records of the assets, liabilities, and owner’s equity of a business
e 3. A list of the accounts used by a business to record its financial transactions
a 4. A means of identifying each account as an asset, liability, or owner’s equity
k 5. An entry on the right side of an account
b 6. An entry on the left side of an account
l 7. An accounting system that involves recording the effects of each transaction as debits and credits
m 8. A special type of owner’s equity account set up to record the owner’s withdrawal of cash from the business
h 9. A small pencil figure written at the base of an amount column showing the sum of the entries in the column
c 10. The increase side of an account
j 11. An account that is kept open from one accounting period to the next
d 12. An accounting error involving a misplaced decimal point
i 13. A type of account, resembling a T, used to analyze the effects of a business transaction
g 14. An account whose balance is transferred to another account at the end of an accounting period
o 15. An accounting error involving misplaced digits in a number
n 16. A statement to test the accuracy of total debits and credits after transactions have been recorded

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