Accounting Ch.2 Quiz

An accounting device used to analyze transactions

• Chart of accounts

• T Accounts

• Normal accounts

• Accounts Receivable

An amount recorded on the left side of an account

• liabilities

• credit

• debit

• cash

An amount recorded on the right side of the account

• credit

• debit

• chart of accounts

• T Account

The side of the account that is increased

• account receivable

• account payable

• chart of account

• normal balance

A list of accounts used by a business

• T Account

• chart of accounts

• balance sheet

• accounts receivable

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

• credit card

• accounts receivable

• accounts payable

• credit account

What two accounts are affected when a business pays cash for a cell phone bill?

• Communications Expense

• Asset

• Cash

• Liabilities

What two accounts are affected when a business sells services on account?

• Accounts Payable

• Accounts Receivable

• Sales

• Equity

What two accounts are affected when a business receives cash on account?

• Accounts Payable

• Debit

• Cash

• Accounts Receivable

Is the drawing account increased on the debit side or credit side?

• Debit

• Credit