Accounting Ch. 2 Flashcards

Front

Accounts payable

Back

Amounts to be paid in the future for goods or services already acquired.

Front

Accounts receivable

Back

Amounts to be received in the future due to the sale of goods or services.

Front

Chart of accounts

Back

A list of accounts used by a business.

Front

Credit

Back

An amount recorded on the right side of an account.

Front

Debit

Back

An amount recorded on the left side of an account.

Front

Normal balance

Back

The side of an account that is increased is called the normal balance of the account.

Front

T account

Back

An accounting device used to analyze transactions.