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11 Cards in this Set
- Front
- Back
- 3rd side (hint)
What is the accounting equation? |
Assets = Liabilities + Equity |
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What is the acronym for debit and credit effects on various accounts? |
Assets
Liabilities Capital, owner Revenues Expenses Withdrawals, owner |
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What are the debit/credit effects for assets? |
Debit: Increase (+) Credit: Decrease (-) |
^ v |
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What are the debit/credit effects for liabilities? |
Debit: Decrease (-) Credit: Increase (+) |
V ^ |
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What are the debit/credit effects for equity? |
Debit: Decrease (-) Credit: Increase (+) |
V ^ |
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Of the accounting equation, which account will have multiple debit/credit options? |
Equity |
CREW |
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What are the types of equity accounts? |
1. Owner's capital 2. Owner's withdrawal 3. Revenues 4. Expenses |
CREW |
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What are the debit/credit effects for owner's capital? |
Debit: Decrease (-) Credit: Increase (+) |
V ^ |
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What are the debit/credit effects for owner's withdrawal? |
Debit: Increase (+) Credit: Decrease (-) |
^ v |
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What are the debit/credit effects for revenues? |
Debit: Decrease (-) Credit: Increase (+) |
V ^ |
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What are the debit/credit effects for expenses?
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Debit: Increase (+) Credit: Decrease (-) |
^ v |