Chapter 3 The Double-Entry Framework

Question 1

The fact that each transaction has a dual effect upon the accounting elements provides the basis for what is called

Answer 1

double -entry accounting

Question 2

three major parts of an account are

Answer 2

title, debit or left side and credit or right side

Question 3

To determine the balance of a T account at any time, simply total the dollar amounts on the debit and credit sides. These totals are known as The difference between the footings is called the

Answer 3

Footing and Balance

Question 4

To an account means to enter an amount on the left side of the account

Answer 4

Debit

Question 5

To an account means to enter an amount on the right side

Answer 5

credit

Question 6

a is the side of an account that is used to increase the account

Answer 6

normal balance

Question 7

Since assets are debited for increases, these accounts are normally have

Answer 7

debit balances

Question 8

Liability and owner’s capital accounts are credited for increases; thus, these accounts normally have

Answer 8

credit balance

Question 9

A list of all accounts, showing the title and balance of each account, used to provide that the sum of the debits equals the sum of the credits

Answer 9

trial balance