Financial Accounting Chapter 2 Assignment
CHAPTER 2: Recording Process ( SWD: Lecture Review)
What is an account?
An account is an accounting record of increases and decreases in a specific asset, liability, or owner’s equity item. For
example, Softbyte (the company discussed in Chapter 1) would have separate accounts for Cash, Accounts
Receivable, Accounts Payable, Service Revenue, and Salaries Expense. In its simplest form, an account consists of
three parts: (1) a title, (2) a left or debit side, and (3) a right or credit side. Because
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