Glossary
- Account
- Something having financial value.
- Credit
- An entry in the right-side column of a balance sheet; credits decrease the
value of asset and expense accounts, and increase the value of liability and
revenue accounts.
- Debit
- An entry in the left-side column of a balance sheet; debits increase the
value of asset and expense accounts, and decrease the value of liability and
revenue accounts.
- Journal
- A record of transactions, where each entry affects at least two accounts,
and debits equal credits.
- Ledger
- A collection of account balance sheets.