BA110 Unit 2 Terminology Exam

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

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