Debits, Credits, And T Accounts

Question 1

An accounting transaction entry on the right side of an account.

Answer 1

Credit

Question 2

An accounting transaction entry on the left side of an account.

Answer 2

Debit

Question 3

An accounting system that requires every financial transaction has an equal and opposite effect, recorded in at least two accounts, where one account gets a debit and the other a credit.

Answer 3

Double-Entry Accounting System

Question 4

The side of an account that increases.

Answer 4

Normal Balance

Question 5

A visual representation used to analyze the effect that transactions have on an account.

Answer 5

T-Account