Actg Ch 2 Study Guide

An amount recorded on the left side of an account

• Credit
• Debit
• Normal Balance

An amount recorded on the right side of an account

• Credit
• Debit
• Normal Balance

The side of the account that is increased

• Credit
• Debit
• Normal Balance

An accounting device used to analyze transactions

• Accounts Payable
• Accounts Receivable
• Chart of Accounts
• T Account

A list of accounts used by a business

• Accounts Payable
• Accounts Receivable
• Chart of Accounts
• T Account

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

• Accounts Payable
• Accounts Receivable
• Chart of Accounts
• T Account

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

• Accounts Payable
• Accounts Receivable
• Chart of Accounts
• T Account

The values of all things owned (assets) are on the accounting 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
• credit side
• none of these

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

• debit
• credit
• none of these
• normal balance