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Accounting | Chapter 2 (rated 100% correct). $9.09   Add to cart
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Accounting | Chapter 2 (rated 100% correct).
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Accounting | Chapter 2 (rated 100% correct).

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  • August 29, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 2 rated 100 correct

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  • Accounting 101
  • Accounting 101

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Accounting | Chapter 2 (rated 100%
correct).

accounts ANS - the basic summary device of accounting; the detailed record of all the changes in a
specific asset, liability, or stockholder's equity item as a result of transactions



chart of accounts ANS - a list of all the accounts of a business and the numbers assigned to those
accounts



double entry accounting ANS - the rule of accounting that specifies every transaction involves at least
two accounts and is recorded with equal amounts of debits and credits



debit ANS - left side of any account



credit ANS - right side of any account



t-account ANS - an informal account form used to summarize transactions where the top of the T holds
the account title and the base divides the debit and credit sides of the account



normal balance ANS - the balance that appears on the side of an account where increases are
recorded; the expected balance of an account



general journal ANS - the chronological accounting record of the transactions of a business



record/journalizing ANS - entering in a journal



transaction ANS - an event that has a financial impact on a business entity

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