Accounting Chapter 4
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9 Terms
Chart of Accounts
A list of all accounts used by a business, organized and numbered by category (100s for Assets, 200s for Liabilities, 300s for Owner's Equity, 400s for Revenue, 500s for Expenses).
Ledger
A group of accounts, also referred to as a general ledger.
Double-Entry Accounting
A system used to analyze and record a transaction by recognizing both the debit and credit sides.
Debit
An entry on the left side of an account.
Credit
An entry on the right side of an account.
T Account
A visual representation of a ledger account shaped like a 'T' used as a tool to analyze transactions.
Normal Balance
The increase side of an account, where transactions usually accumulate.
Asset Accounts
Accounts that have a normal balance on the debit side (+ on left, - on right).
Liability & Owner's Capital Accounts
Accounts that have a normal balance on the credit side (- on left, + on right).