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11 Cards in this Set

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  • Back
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What is the accounting equation?

Assets = Liabilities + Equity

What is the acronym for debit and credit effects on various accounts?

Assets
Liabilities
Capital, owner
Revenues
Expenses
Withdrawals, owner

What are the debit/credit effects for assets?

Debit: Increase (+)


Credit: Decrease (-)

^


v

What are the debit/credit effects for liabilities?

Debit: Decrease (-)


Credit: Increase (+)

V


^

What are the debit/credit effects for equity?

Debit: Decrease (-)


Credit: Increase (+)

V


^

Of the accounting equation, which account will have multiple debit/credit options?

Equity

CREW

What are the types of equity accounts?

1. Owner's capital


2. Owner's withdrawal


3. Revenues


4. Expenses

CREW

What are the debit/credit effects for owner's capital?

Debit: Decrease (-)


Credit: Increase (+)

V


^

What are the debit/credit effects for owner's withdrawal?

Debit: Increase (+)


Credit: Decrease (-)

^


v

What are the debit/credit effects for revenues?

Debit: Decrease (-)


Credit: Increase (+)

V


^

What are the debit/credit effects for expenses?

Debit: Increase (+)


Credit: Decrease (-)

^


v