Accounting Equation

mrlewiswhalen
Flashcards by mrlewiswhalen, updated more than 1 year ago
mrlewiswhalen
Created by mrlewiswhalen over 4 years ago
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Accounting Equation Flashcards

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Question Answer
What is the accounting equation? A = C + L
What is a debit? A debit is a positive
What does A stand for in the accountancy equation? Assets
What is the definition for Liabilities? Someone is responsible, especially an amount money owed
What does L stand for in the accountancy equation? Liabilities
What is a credit? A credit is a negative
What does C stand for in the accountancy equation? Capital
What is the definition for Asset? An item of property owned by a person or company
What is the definition for Capital? Wealth in the form of money by a person or organisation for a purpose such as investing or starting up a company
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