The process of answering five questions to ensure that a transaction is understood. The questions are: (1) What's going on? (2) What accounts are affected? (3) How are they affected? (4) Does the balance sheet balance? (Do the debits equal the credits?) (5) Does my analysis make sense?

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a. Balance sheet equation Transactions b. C. On account d. Accrued (or accrual) e. Journal f. Post (posting) g. Ledger h. Account i. Chart of accounts j. T-account k. Account balance 1. Debit m. Credit n. Entry o. Balance p. Charge q. Journal entry r. Source document s. Adjusting journal entry t. Closing the books u. Transaction analysis methodology