ACG2001 - Financial Accounting 1 - IRSC
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| show | Liabilities + Owner's Equity
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| show | Increases (assets)
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| With Assets credit... | show 🗑
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| show | Decreases (liabilities)
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| With Liabilities credit... | show 🗑
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| With Owner's Equity debit... | show 🗑
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| With Owner's Equity credit... | show 🗑
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| show | Increases (draws)
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| show | Decreases (draws)
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| show | Decreases (revenue accounts)
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| With Revenue Accounts credit... | show 🗑
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| show | Increases (expenses)
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| With Expenses credit... | show 🗑
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| show | By debit
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| Posting | show 🗑
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| show | By debit
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| show | By credit
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| How is owner's equity increased? | show 🗑
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| show | When the owner takes cash from a personal account and puts it towards their business account.
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| What is unearned revenue? | show 🗑
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| show | A line of credit that has been extended and the money will be paid later.
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| show | Money spent (usually to generate revenue)
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| What are "supplies on hand"? | show 🗑
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| show | When one person does a job for someone and the customer says they will pay them at another time (the expected pay time)
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| What is an accounts payable? | show 🗑
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| show | Selling things, ex food, goods
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| Service Charges (def.) | show 🗑
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| show | An economic event that changes the entities financial condition. ex. selling a million donuts and make incredible revenue
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| What is a liability? | show 🗑
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| show | Resources owned by a business ex. Amazon's carrier trucks
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| What is a transposition? | show 🗑
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| What is a slide? | show 🗑
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| What does a Double-Entry Accounting System entail? | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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