Accounting Chapter 2 Review

An accounting device used to analyze transactions

• T Account

• normal balance

• chart of accounts

• debit

An amount recorded on the left side of a T account

• Debit

• Credit

An amount recorded on the right side of a T account

• Credit

• Debit

The side of the account that is increased

• Debit

• Credit

• Normal Balance

• T account

A list of accounts used by a business

• T account

• Normal Balance

• Credit

• Chart of Accounts

The value of all things owned (assets) are on the account equation's

• left side

• right side

• credit side

• none of these

The values of all equities or claims against the assets (liabilities and owner's equity) are on the accounting equation's

• left side

• right side

• debit side

• none of these

An amount recorded on the left side of a T account is a

• debit

• credit

• normal balance

• none of these

An amount recorded on the right side of a T account is a

• debit

• credit

• normal balance

• none of these

The normal balance side of any asset account is the

• debit side

• credit side

• right side

• none of these