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Accounting Chapter 2
terms and definitions for accounting chapter 2
Term | Definition |
---|---|
TAccount | An accounting device used to analyze transactions |
Debit | An amount recorded on the left side of an account. |
Credit | An amount recorded on the right side of an account. |
Normal Balance | The side of the account that is increased. |
Chart of Accounts | A list of accounts used by a business. |
Accounts Payable | Amounts to be paid in the future for goods or services already received |
Accounts Receivable | Amounts to be received in the future due to the sale of goods or services. |