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Chapter 2

TermDefinition
T account An accounting devise used to analyze transactions.
Credit An amount recorded on the right side of an account.
Assets Anything of value that is owned.
Expenses The cost of goods or services used to operate a business.
Accounts Receivable Accounts to be received in the future due to the sale of goods or services.
FYI – Decreasing an account If on asset side of the equation, decrease in credit. if on liability or equity side of equation, then decrease in debit.
Normal balance The side of the account that is increased.
Chart of Accounts A list of accounts used by a business.
Liabilities An amount owed.
Withdrawal Assets taken from a business for the owners personal use.
Accounting Equation An equation showing the the relationship among assets, liabilities and Owners Equity.
FYI – 4 questions to analyzing a transaction 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts?
Debit An amount recorded on the left side of an account.
Revenue Cash received for the sale of goods or services.
Owner’s Equity The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Accounts Payable Amounts to be paid in the future for goods or services already acquired.
FYI – Debit/Credit meaning debit on left, credit on right
Created by: andrew.v