Accounting Chapter 4

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Last updated 12:30 PM on 10/2/26
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7 Terms

1
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chart of accounts

A list of all accounts used by a business.

2
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ledger

A group of accounts; also referred to as a general ledger.

3
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double-entry accounting

A system that recognizes the different sides of business transactions as debits and credits.

4
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debit

An entry on the left side of an account.

5
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credit

An agreement to pay for a purchase at a later time; an entry on the right side of an account.

6
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T account

A visual representation of a ledger account; a tool used to analyze transactions.

7
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normal balance

The increase side of an account, where "normal" means usual.