Concept – Economic Events
Financial Accounting and Intermediate Accounting
Spiceland, Nelson, and Thomas and Spiceland, Thomas, and Herrman
05th Edition, 06th Edition, and 10th Edition
Which of the following is economic events?
Which of the following is economic events?
Suppose an person invests cash to open a business. What is effect on total assets?
Each event or transaction, affecting the accounting equation has what effect due to resources always being equal to claims.
The Purpose of Enterprise Resource Planning systems is to create a customized software which integrates information of departments and functions to a single computer system and database. T/F
An external event involves exchanges between a firm and
The general ledger accounts serve as what type of accounts.
To increase a liability, credit/debit the liability account and to increase an asset, one should credit/debit the asset account.
Indicate whether normal balance of the accounts is debit or credit. (cash, revenue, expense, accts payable, equipment, retained earnings, accts receivable, dividends, common stock)