Q5. Credit accounts Which transactions are recorded on the credit side of a journal entry? A5. Assets + Expenses = Liabilities + Equity + Revenues
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Q4. Debit accounts Which transactions are recorded on the debit side of a journal entry? A4. Assets + Expenses = Liabilities + Equity + Revenues
Q3. Accounting equation What are the components of the accounting equation? A3. (1) The accounting equation shows that total assets should be equal to total
Q2. Debits and credits What are debits and credits? A2. (1) Debit refers to the left side of the accounting equation. (2) Credit refers to
A1. (1) Journal entry: An entry into an accounting journal. (2) Accounting journal: An accounting record that keeps accounting transactions as they occur. (3) A
Q3. List of activity ratios What are the key financial ratios that can be used to analyze the activity of an entity? A3. Activity ratios