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Chp 4
Chapter 4 Accounting
Term | Definition |
---|---|
Charts of accounts | is the list of all accounts used by a business |
Credit | any entry on the right side of the equation |
Debit | Any entry on the left side of the equation |
Double entry accounting | To analyze and record a transaction, recognizes the different sides of business transactions such as debit and credit |
Ledger | Weather a system is manual of electronic, accounts are grouped in this |
Normal balance | Is always the side used to record increases in the account |
T account | Shows the dollar increase or decrease that is caused by a transaction |