Chapter 2 Flashcards
1
Q
a record summarizing all the info affecting a single item in the accounting equation
A
account
2
Q
an accounting device used to analyze transactions is called a
A
T account
3
Q
means an amount recorded on the left side of an account
A
debit
4
Q
means an amount recorded on the right side of an account
A
credit
5
Q
on the left side of the equation
increase on the left, or debit, side of the account
A
assets
6
Q
on the right side of the equation
increase on the right, or credit, side of the account
A
liabilities and the owners capital account
7
Q
the side that is increased on
assets have more normal credit balances
liabilities and the owners capital account have normal credit balances
A
normal balance
8
Q
list of all the accounts owned by a business
A
chart of account
