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BA110 Unit 2 Terminology Exam

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Questions	Answers
The difference between the amounts recorded on the two sides of an account	Account balance
Written records of the assets, liabilities, and owner’s equity of a business	Accounts
A list of the accounts used by a business to record its financial transactions	Chart of accounts
A means of identifying each account as an asset, liability, or owner’s equity	Classification
An entry on the right side of an account	Credit
An entry on the left side of an account	Debit
An accounting system that involves recording the effects of each transaction as debits and credits	Double-entry system
A special type of owner’s equity account set up to record the owner’s withdrawal of cash from the business	Drawing account
A small pencil figure written at the base of an amount column showing the sum of the entries in the column	Footing
The increase side of an account	Normal balance
An account that is kept open from one accounting period to the next	Permanent account
An accounting error involving a misplaced decimal point	Slide
A type of account, resembling a T, used to analyze the effects of a business transaction	T account
An account whose balance is transferred to another account at the end of an accounting period	Temporary account
An accounting error involving misplaced digits in a number	Transposition
A statement to test the accuracy of total debits and credits after transactions have been recorded	Trial balance