Unit 2 Flashcards
1
Q
T account
A
accounting device used to analyze transactions.
2
Q
debit
A
recorded on the left side of an account.
3
Q
credit
A
recorded on the right side of an account.
4
Q
normal balance
A
The side of an account that is increased
5
Q
chart of accounts
A
A list of accounts used by a business.
6
Q
accounts payable
A
money owed by a company to its creditors..
7
Q
accounts receivable
A
money owed to a company by its debtors
8
Q
forensic accountant
A
accountant who combines accounting and investigating skills to uncover or prevent fraudulent business activity
9
Q
franchise
A
right granted to sell the products or services to a larger business within a defined geographical area.
