Key Terms: Chapter Two
A record that is kept for each asset, liability, equity, revenue, expense, and dividend component of an entity
A listing of the accounts of an entity, along with any identification coding
The total of all subcomponent account records for an account; e.g., the sum of all individual accounts receivable
The nature of an action to an account to indicate an increase (liabilities, equity, and revenue) or decrease (assets, expenses, and dividends); usually right-justified in an entry
The nature of an action to an account to indicate an increase (assets, expenses, and dividends) or decrease (liabilities, equity, and revenue); usually left-justified in an entry
A record of the accounts comprising financial statements, and their respective balances
A chronological listing of the transactions and events of an organization, in debit/credit format
The process of recording transactions and events into the journal
The process of transferring journal entry effects into the respective general ledger accounts
A document evidencing a transaction or event and potentially providing for the initiation of a journal entry
A subcomponent account record providing individual balance details; e.g., the record for one customer out of a group of customers comprising all accounts receivable
An abstract representation of an account, with the left side of the "T" representing debits and the right side credits
A listing of account balances from the ledger, used to test the equality of debits and credits