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BOOKKEEPING ?’s

QuestionAnswer
ACCOUNT CLASSIFICATIONS Assets; Liabilities; Owner’s Equity; Revenue Accounts; Expense Accounts
What are the 2 distinct functions of an account analyzer? 1) learning aid for the beginning bookkeeper 2) a source of reference & review for those who already mastered the fundamentals of accounting
What is the order of making Journal entries? 1) identify the accts. affected by the transactions 2) determine whether ea. acct. is increased or decreased 3) determine how much ea. acct. has changed 4) ensure that the accounting equation remains in balance
What is the method of making a journal entry 1) date 2) debit 3) credit 4) explanation of the transaction 5) reference to the source document
What are the basic components of a balance sheet & their purpose? ASSETS- represents all things of value that belongs to the company LIABILITIES- represents all debts owed to others by the company OWNER’S EQUITY- represents the amount that belongs to them
What procedure should every new business follow? 1) prepare a balance sheet 2) apply the fundamental accounting equation yo all accounting activities 3) journalize and post entries to ledger accounts
Debit to an asset Increases its balance (Normal bal)
Credit to an asset Decreases its balance
Debit to a liability Decreases its balance
Credit to a liability Increases its balance (Normal bal)
Debit to owners equity Decreases its balance
Credit to owners equity Increases its balance (Normal Bal)
Debit to an asset Increases its balance (Normal bal)
Credit to an asset Decreases its balance
Debit to a liability Decreases its balance
Credit to a liability Increases its balance (Normal bal)
Debit to owners equity Decreases its balance
Credit to owners equity Increases its balance (Normal Bal)
Created by: Audi1175
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