Analyzing Transactions into Debit and Credit Parts
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9 Terms
T account
An accounting device used to analyze transactions
debit
An amount recorded on the left side of an account
credit
An amount recorded on the right side of an account
normal balance
The side of an account that is increased
chart of account
A list of accounts used by a business
accounts payable
Amounts to be paid in the future for goods or services already acquired
accounts recievable
Amounts to be received in the future due to the sale of goods or services
forensic accountantant
An accountant who combines accounting and investigating skills to uncover suspected fraudulent business activity, or to prevent such activity
franchise
A right granted to an individual or business to sell the products or services of another, larger business within a defined geographical area
Note 
Flashcards (32)