Basic Accounting Terms 2

_____________________ are useful in showing how transactions are recorded.

• B-Accounts
• A-Accounts
• C-Accounts
• T-Accounts

Accounting is referred to as the "language of ___________________."

• profit
• life
• accounting
• business

A list of accounts used by a business.

• accounting equation
• chart of accounts
• temporary accounts
• permanent accounts

An accounting device used to analyze transactions.

• T account
• temporary account
• personal account
• permanent account

The left side of a T-Account is called

• Debit
• Credit
• Left Side
• Right Side

Recording transactions is a journal in a chronological order on a daily basis is known as______________________.

• Recording
• Updating
• Interpreting
• Journalizing

______________________ is the transfer of journalized transactions to their accounts.

• Posting
• Recording
• Updating
• Journalizing

The _____________________________________ is usually the largest expense of the income statement and is the total amount of expenses incurred to produce a product.

• Expense incurred
• Net expense
• Cost of Goods Sold
• Cost of Good Bought

The name given to an account

• account title
• capital
• expense
• revenue

A business that performs an activity for a fee

• proprietorship
• service business 
• capital
• asset