Chapter 2 Flashcards
1
Q
T Account
A
An accounting device used to analyze transactions
2
Q
Debit/dr.
A
Amount recorded on the left
3
Q
Credit/cr.
A
Amount recorded on the right
4
Q
Normal Balance
A
The side of the account that is increased
5
Q
Chart of Accounts
A
A list of accounts used by a business
6
Q
Questions for Analyzing a Transaction
A
1) Which accounts are affected?
2) How is each account classified?
3) How is each classification changed?
4) How is each amount entered in the accounts?
