ACCOUNTING - CHAPTER 4

A(n) ---- is a tool used to analyze a business transaction's effect on an account.

• T-Account

• General Ledger

• P-Account

• Chart of Accounts

The amount entered on the left side of an account is the ____.

• The left side - duh!!

• The business side

• Debit side

• Credit side

____ requires a debit and a credit for each transaction.

• Triple-entry accounting

• Single-entry accounting

• There are NEVER two transactions

• Double-entry accounting

An account's ____ is always on the increase side.

• Equal side

• Normal balance side

• Balance side

• Debit

An amount entered on the right side of an account is a(n) ____.

• right answer

• right side

• Credit

• Debit

The _____ is an "official" list of all the accounts used by a business to record its transactions.

• Chart Accounts

• List of Accounts

• Business of Accounts

• Account Numbers

Each account has a specific side that is its normal balance side?

• True

• False

Every business transaction affects at least two accounts that are on difference sides of the basic accounting equation.

• True

• False

For every debit entry made in on account, a credit entry must be made in another account.

• True

• False

The T-Account is an inefficient method for analyzing many business transactions.

• False

• True