Flashcards
Accounting
Cards in this deck (9)
- 1assetsprobable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events
- 2liabilitiesprobable future sacrifices or economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events
- 3equityresidual interest in the asset of an entity that remains after deducting its liabilities. In a business enterprise the equity is the ownership interest
- 4assets =liabilities + equities
- 5net assets =equities
- 6the accounting cycle
- 7T account AssetsDebit increases
credit decreases - 8T account Liabilitiesdebit decreases
credit increases - 9T account Equitiesdebit decreases
credit increases
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- Description
- accounting Flashcards on Accounting, created by Brighid Lynch on 18/09/2016.
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- Brighid Lynch
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