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ACG2001 Stack 1

ACG2001 - Financial Accounting 1 - IRSC

TermDefinition
Assets = Liabilities + Owner's Equity
With Assets debit... Increases (assets)
With Assets credit... Decreases (assets)
With Liabilities debit... Decreases (liabilities)
With Liabilities credit... Increases (liabilities)
With Owner's Equity debit... Decreases (owner's equity)
With Owner's Equity credit... Increases (owner's equity)
With Draws (like a withdraw) debit... Increases (draws)
With Draws (like a withdraw) credit... Decreases (draws)
With Revenue Accounts debit... Decreases (revenue accounts)
With Revenue Accounts credit... Increases (revenue accounts)
With Expenses debit... Increases (expenses)
With Expenses credit... Decreases (expenses)
How are expenses increased? By debit
Posting the process of transferring the debit and credit information from the journal to individual accounts in the general ledger
How are assets increased? By debit
How are liabilities increased? By credit
How is owner's equity increased? By credit
What is an owner's investment? When the owner takes cash from a personal account and puts it towards their business account.
What is unearned revenue? Liability recorded when cash is received before providing a service.
What does "on account" mean? A line of credit that has been extended and the money will be paid later.
What is an expense? Money spent (usually to generate revenue)
What are "supplies on hand"? Assets that are actually tangible used to produce goods and services.
What is an accounts receivable? When one person does a job for someone and the customer says they will pay them at another time (the expected pay time)
What is an accounts payable? It is a liability for goods or services purchased on credit by a business owner who now owes their supplier.
Sales (def.) Selling things, ex food, goods
Service Charges (def.) Doing things, ex cutting grass, cleaning windows
Business Transaction An economic event that changes the entities financial condition. ex. selling a million donuts and make incredible revenue
What is a liability? Anything that is owed ex. a credit card
What is an asset? Resources owned by a business ex. Amazon's carrier trucks
What is a transposition? When the digits of a number are recorded in incorrect order ex. $576,000 recorded as $756,000
What is a slide? When the decimal point in a number is recorded in the wrong place ex. $5.76 recorded as $57.6
What does a Double-Entry Accounting System entail? 1.) Every business transaction must be recorded in at least two accounts and 2.) Total debits must equal total credits
Created by: kssu
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