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Part One—Identifying Accounting Terms
Directions: Select the one term in Column I that best fits each definition in Column II. Print the
letter identifying your choice in the Answers column.
Answers
Column
Column II
1. An accounting device used to analyze transactions. (p. 29)
1.
A. chart of accounts
2.
B. credit
2. An amount recorded on the left side of a T account. (p. 29)
3.
C. debit
3. An amount recorded on the right side of a T account. (p. 29)
4.
D. normal balance
4. The side of the account that is increased. (p. 29)
5.
E. T account
5. A list of accounts used by a business. (p. 32)

Respuesta :

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1. Chart of accounts is used to analyze transactions

2. Debit is recorded on the left side of a T account

3. Credit is recorded on the right side of a T account

4. Normal balance is the side of the account that is increased  

5. A list of accounts used by a business is T account

1.  Chart of accounts

A. Chart of accounts are details of an organization transaction which an accountant makes use of  when  posting  the company account transaction into the company ledger account.

2.  Debit side

Debit side represent amount received or money that comes into a person account.

3. Credit side

Credit side means to give or represent the money that goes out of a person account.

4. The side of the account that is increased is normal balance

Normal balance means that an account will  have a debit balance (Positive balance) or credit balance (Negative balance) based on the double entry principle.

5. T account

T-account is the way in which accounting transaction is written in a T format  in which the right side of the account will represent the Debit side while the left side will represent the Credit side.

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