Trans for Acct Equat
| Description: | Parson - Chp 4 |
| Category: | Accounting |
| Created by: | yparson on 2009-08-31 |
| Question | Answer |
| ledger | a book or file containing a separate page for each business account; serves as a permanent record of financial transactions |
| Chart of Accounts | a list of all accounts and their assigned account numbers |
| Double-entry accounting | a system of recordkeeping in which each business transaction affects at least two accounts. |
| T-Account | so called because of its shape, shows the dollar increase or decrease in an account by a transaction. |
| Debit | left side |
| credit | right side |
| normal balance | always on the side used to record increases to an account. |
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