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level: Types and effect of the transactions

Questions and Answers List

Question	Answer
Asset account INCREASES and a corresponding account (either Liabilities or Owner's Equity) INCREASES	Source of Assets
One asset account INCREASES, another asset account DECREASES	Exchange of Assets
Assets accounts DECREASES, corresponding claims (Liability or Owner's Equity) DECREASES	Use of Assets
One claims (Liabilities or Owner's Equity) INCREASES, another claims (Liabilities or Owner's Equity) DECREASES	Exchange of Claims
Increase in Assets = Increase in Liabilities	Source of Assets
Increase in Assets = Increase in Owner's Equity	Source of Assets
Increase in one Assets = Decrease in another Assets	Exchange of Assets
Decrease in Assets = Decrease in Liabilities	Use of Assets
Decrease in Assets = Decrease in Owner's Equity	Use of Assets
Increase in Liabilities = Decrease in Owner's Equity	Exchange of Claims
Increase of Owner's Equity = Decrease in Liabilities	Exchange of Claims
Increase in one Liability = Decrease in another Liability	Exchange of Claims
Increase in one Owner's Equity = Decrease in another Owner's Equity	Exchange of Claims