Accounting Chap 2
| Description: | Accounting Vocab |
| Category: | Accounting |
| Created by: | gruba2007 on 2007-01-29 |
| Question | Answer |
| T account | An accounting device used to analyze transactions. |
| Debit | An amount recorded on the left side. |
| Credit | An amount recorded on the right side. |
| Normal Balance | The side of the account that is increased. |
| Chart of Accounts | A list of accounts used by a business. |
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Accounting equation is Assets = Liabilities + Owner's Equity Assets = anything owned of value Liabilities = money owed to an individual or business |
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