Unit 3 Flashcards
(10 cards)
1
Q
what is the left side of a t-account called?
A
debit
2
Q
what is the right side of a t-account called?
A
credit
3
Q
ledger
A
a group of t-accounts
4
Q
trial balance
A
a proof that total debits equal total credits in a ledger
5
Q
an asset decreases on…
increases on…
A
increases on the debit
decreases on the credit
6
Q
a liability increases on the….
decreases on the….
A
increases on the credit
decreases on the debit
7
Q
owner’s equity increases on the
A
credit side
8
Q
accounts increase on the side on which they appear on the balance sheet
A
👍🏼
9
Q
what is double entry accounting?
A
two or more accounts are effected in a transaction
a debit amount recorded is equals to a credit amount recorded
10
Q
what is an account?
A
a place to record changes caused by transactions
