Analyzing Transactions into Debit and Credit Parts

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