Accounting Chapter 2

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

• credit

• Accounts payable

• T Account

• debit

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

• T Account

• forensic accounting

• debit

• Accounts receivable

A list of accounts used by a business.

• Chart of Accounts

• T Account

• Forensic Accounting

• Debit

An amount recorded on the right side of an account.

• Debit

• Credit

• Normal Balance

• T Account

An amount recorded on the left side of an account.

• Debit

• Normal Balance

• T Account

• Credit

An accountant who combines accounting and investigating skills to uncover suspected fraudulent business activity, or to prevent such activity.

• Accountant

• Debit

• Forensic Accountant

• CPA

The side of an account that is increased

• Chart of Accounts

• Credit

• Debit

• Normal Balance

An accounting device used to analyze transactions.

• Forensic Accountant

• T Account

• Chart of Accounts

• Debit

An accounting device used to analyze transactions is a T account.

• True

• False

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

• True

• False