Please answer the following in your own words.

1. What is an account?

2. Describes an account in its simplest form?

3. Define debits and credits and explain their use in recording business transactions

4. What the terms debiting and crediting mean?

5. Explain the concept of double entry-system.

6. List the basic steps in the recording process

7. Whats a journal and how does it contribute in the recording process

8. Whats a ledger and how does it help in the recording process

9. Whats a simple entry?

10. Whats a compound entry?

11. Whats is posting is and how does it help in the recording process

12. What s a trial balance and its purpose

13. What are the limitations of a trial balance

14. What is the normal balance for the assets, owners drawings and expenses accounts

15. What is the normal balance for the liabilities, owners capital and revenues accounts