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Flashcards in Unit 3 Deck (10)
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1

what is the left side of a t-account called?

debit

2

what is the right side of a t-account called?

credit

3

ledger

a group of t-accounts

4

trial balance

a proof that total debits equal total credits in a ledger

5

an asset decreases on...

increases on...

increases on the debit

decreases on the credit

6

a liability increases on the....

decreases on the....

increases on the credit

decreases on the debit

7

owner's equity increases on the

credit side

8

accounts increase on the side on which they appear on the balance sheet

👍🏼

9

what is double entry accounting?

two or more accounts are effected in a transaction

a debit amount recorded is equals to a credit amount recorded

10

what is an account?

a place to record changes caused by transactions