2. Accounting has its own vocabulary and basic relationships. Match the
accounting terms at left with the corresponding definition or meaning on
the right.
D
1. Normal balance
A. Record of transactions
__G__ 2. Payable
B. Always an asset
__A__ 3. Journal
C. Left side of an account
__B__ 4. Receivable
D. Side of an account where increases are recorded
__J__ 5. Owners’ equity
E. Copying data from the journal to the ledger
__C__ 6. Debit
F. A decrease in shareholders’ equity
__F__ 7. Expense
G. Always a liability
__H__ 8. Net income
H. Revenues − Expenses
__I__ 9. Ledger
I. Collection of accounts used in a business
__E__ 10. Posting
J. Assets – Liabilities