Flashcards
Accounting Equation
Cards in this deck (9)
- 1What is the accounting equation?A = C + L
- 2What is a debit?A debit is a positive
- 3What does A stand for in the accountancy equation?Assets
- 4What is the definition for Liabilities?Someone is responsible, especially an amount money owed
- 5What does L stand for in the accountancy equation?Liabilities
- 6What is a credit?A credit is a negative
- 7What does C stand for in the accountancy equation?Capital
- 8What is the definition for Asset?An item of property owned by a person or company
- 9What 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