(Learning Objective 2: Using key accounting terms) Accounting has its own vocabulary and basic relationships. Match the accounting terms at left with the corresponding defi nition or meaning at right.

____ 1. Debit A. A decrease in shareholders’ equity ____ 2. Expense B. Always a liability ____ 3. Net income C. Revenues − Expenses ____ 4. Ledger D. Collection of accounts used in a business ____ 5. Posting E. Assets − Liabilities ____ 6. Normal balance F. Record of transactions ____ 7. Payable G. Always an asset ____ 8. Journal H. Left side of an account ____ 9. Receivable I. Side of an account where increases are recorded ____ 10. Owners’ equity J. Copying data from the journal to the ledger