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Accounting

Chapter 4

TermDefinition
Chart of Accounts A list of all the accounts and their assigned account numbers, used in journalizing transactions.
Ledger A book or file containing a separate page for each business account; serves as a permanent record of financial transactions.
Double-entry accounting A financial record keeping system in which each transaction affects at least two accounts; for each debit there must be an equal credit.
Debit An amount entered on the left side of the T account.
Credit An agreement to pay for a purchase at a later time; an entry to the right side of a T account. credit cards Cards containing a customer's name and account number presented when buying merchandise on account.
T account An account shaped like a "T" that is used for analyzing transactions.
Normal balance The increase side of an account: assets, debit side; liabilities and capital, credit side. The word normal used here means usual.
Created by: erinlarson
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