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Trans for Acct Equat

Parson - Chp 4

QuestionAnswer
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.
Created by: yparson
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