Accounting Chapter 2 Flashcards
1
Q
T account
A
A accounting device used to analyze transactions
2
Q
Debit
A
An amount recorded on the left side of an account
3
Q
Credit
A
An amount recorded on the right side of an account
4
Q
Normal balance
A
The side of the account that is increased
5
Q
Chart of accounts
A
A list of accounts used by a business
6
Q
Accounts payable
A
Amounts to be paid in the future for goods or services already acquired
7
Q
Accounts receivable
A
Amounts to be received in the future due to the sales of goods or services
