Chapter 2

Question 1

accounts

Answer 1

a record summarizing all the info affecting a single item in the accounting equation

Question 2

T account

Answer 2

an accounting device used to analyze a transaction

Question 3

debit

Answer 3

an amount recorded on the left side of an account

Question 4

credit

Answer 4

amount recorded on the left side of an account

Question 5

• on the left side of the accounting equation
• increase on the left, or debit, side of the account

Answer 5

assets

Question 6

• on the right side of accounting equation
• increase on the right side of the account

Answer 6

liability n capital

Question 7

• the side of of the account that is increased
  assets have normal credit balance
• liability and capital have Normal credit balance

Answer 7

normal balance

Question 8

chart of account

Answer 8

list of accounts used by a business