2.2 - T-accounts

Question 1

An account

Answer 1

is a form where changes in transactions are recorded

Question 2

Asset accounts placement on a T-account

Answer 2

Beginning value: Debit
Increasing: Debit
Decreasing: Credit

Question 3

Liabilities and OE accounts placement on a T-account

Answer 3

Beginning value: Credit
Increasing: Credit
Decreasing: Debit

Question 4

Accounting Entry

Answer 4

all of the changes in the accounts caused by one transaction, expressed in debits and credits

Question 5

Double entry accounting

Answer 5

At least two accounts are affected (debit & credit)