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Accounting Chapter 4
| Question | Answer |
|---|---|
| chart of accounts | is a complete index of every financial account in a company's general ledger. It acts as a master filing system that categorizes every transaction a business makes |
| credit | an arrangement where you receive money, goods, or services now with the legal promise to pay for them later, usually with interest |
| debit | a record of money taken out of a bank account or an accounting entry recorded on the left-hand side of a ledger |
| double-entry accounting | a financial record-keeping method where every transaction is recorded in at least two separate accounts as equal and opposite debits and credits |
| ledger | a master book, file, or digital record that systematically organizes and stores financial or transaction accounts using debit and credit entries |
| normal balance | the expected side of an account—either debit (left) or credit (right)—where an increase is recorded |
| T account | an informal visual tool used in accounting to track individual financial transactions under the rules of double-entry bookkeeping |
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Akamae27