Ch.2 Flashcards
1
Q
T account
A
an accounting device used to analyze transactions
2
Q
debit
A
an amount recorded on the left side
3
Q
credit
A
an amount recorded on the right side
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
Assets: CASP
A
Cash, Accts. Rec, Supplies, Prepaid Ins.
7
Q
T-Account: Capital
A
Debit: -
Credit: +
8
Q
T-Account: Sales
A
Debit: -
Credit: +
9
Q
T Account: All Expenses
A
Debit: +
Credit: -
10
Q
T Account: Drawing
A
Debit: +
Credit: -
11
Q
T Account: Assets
A
Debit: +
Credit: -
12
Q
T Account: Liabilities
A
Debit: -
Credit: +
13
Q
Revenue Transaction
A
any transaction in which you make money
14
Q
Expense Transaction
A
any transaction in which you must pay money for an expense
15
Q
Withdrawal
A
any transaction in which you take out money for personal use
