Buscar
🇪🇸
MEM
O
RY
.COM
4.37.48
Invitado
Iniciar sesión
Página de inicio
0
0
0
0
0
Crear curso
Cursos
Último juego
Panel
Notificaciones
Clases
Carpetas
Exámenes
Exámenes personalizados
Ayuda
Marcador
Tienda
Premios
Amigos
Asignaturas
Modo oscuro
Identificador de usuario: 999999
Versión: 4.37.48
www.memory.es
Estás en modo de exploración. debe iniciar sesión para usar
MEM
O
RY
Inicia sesión para empezar
Index
»
Basic Accounting
»
Chapter 1
»
Basic Financial Accounting and Reporting
level: Basic Financial Accounting and Reporting
Questions and Answers List
Accounting equation and double entry system
level questions: Basic Financial Accounting and Reporting
Question
Answer
Present economic resource controlled by the entity as a result of past events.
Asset
A present obligation of the entity to transfer an economic resource as a result of past events
Liability
The residual interest in the assets of the entity after deducting all its liabilities
Equity
Increase in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims
Income
Decrease in assets, or an increase in liabilities, that results in decreases in equity, other than those relating to distributions of holders of equity claims.
Expenses
What do you call the "Assets = Liabilities + Owner's Equity"
Accounting Equation
If the assets increases, which side of the T-accounts is used?
Left Side
If the assets decreases, which side of the T-accounts is used?
Right Side
If the liability increases, which side of the T-accounts is used?
Right Side
If the liability decreases, which side of the T-accounts is used?
Left Side
If the owner's equity increases, which side of the T-accounts is used?
Right Side
If the owner's equity decreases, which side of the T-accounts is used?
Left Side
If the expenses is increases, which side of the T-accounts is used?
Left Side
If the expenses decreases, which side of the T-accounts is used?
Right Side
If the revenue or income increases, which side of the T-accounts is used?
Right Side
If the revenue or income decreases, which side of the T-accounts is used?
Left Side
Asset's normal balance
Debit
Liability's normal balance
Credit
Owner's Equity's normal balance
Credit
Expenses' normal balance
Debit
Revenue/Income normal balance
Credit
Capital's normal balance
Credit
Withdrawal's normal balance
Debit