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Accounting Chapter 4
Question | Answer |
---|---|
chart of accounts | A list of all accounts used by a business. |
credit | An agreement to pay for a purchase at a later time; an entry on the right side of an account. |
debit | An entry on the left side of an account. |
double-entry accounting | A system that recognizes the different sides of business transactions as debits and credits. |
ledger | A group of accounts; also referred to as a general ledger. |
normal balance | The increase side of an account. The word normal here means usual. |
T account | A visual representation of a ledger account. The T account is a tool used to analyze transactions. |