$245. Accounting terminology (Learning Objective 2, 3, & 4) 5-10 min. Demonstrate your knowledge of accounting terminology by filling in the blanks to review some key definitions. Dillon Baker is describing the accounting process for a friend who is a psychology major. Dillon states, "The basic summary device in accounting is the The left side of an account is called the called the side, and the right side is Then we It is helpful to list all the accounts with side. We record transactions first in a post, or copy, the data to the. their balances on a