lesson 2-1 Flashcards
1
Q
A record summarizing all the information affecting a single item in the accounting equation is known as____
A
Accounts
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 the account
A
Debit
4
Q
___ means the amount recorded on the right side of an account
A
Credit
5
Q
On the left side of the accounting equation
Increase on the left, or debit, side of the account
A
Assets
6
Q
on the right side of the accounting equation
increase on the right, or credit, side of the account
A
Liabilities and the owner’s capital account
7
Q
the side that is increased on
A
Normal Balance
8
Q
a list of accounts used by a business
A
Chart of accounts
