Chapter 4 outline

Question 1

Numbering of the accounts

Answer 1

Chart of accounts/ledger

Question 2

Financial recordkeeping system in which each business transaction affects at least 2 accounts

Answer 2

Double entry accounting

Question 3

Graphic representation to show the increase or decrease in an account caused by a transaction

Answer 3

t-accounts

Question 4

amount entered on the left side of the t account

Answer 4

debit

Question 5

amount entered on the right side of the t account

Answer 5

credit