Chapter 4 Word Scramble
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Term | Definition |
Chart of Account | 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 transaction as debits and credits |
Ledger | A group of accounts; also refer 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 analyzed transaction. |
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