Have an account?
What are assets?
what you owe other parties
The items your company owns that can provide future economic benefit
company's value and equity
going out of business
Capital includes cash or other types of assets that are introduced into the business by the owners
Which of these are examples of liability?
Choose the correct double entry rule!
Capital =assets +liability
Liability =assets +capital
Asset =liability +capital
Asset =liability - capital
What is accounting?
Represents owner's claims upon a business net assets
Further process the book-keeping information provided by the book-keeper
Trade payables and trade receivables
Things which we cannot see & touch
Amounts business receive by owner
The amount of inventory in a business
The amount we received from a debtors
The amount owed by the business to outsiders
Cross out the intangible assets!
Pick the feature of current assets!
Bought for resale
Not for resale
Debts which are more than 1 year
Used for operation of business
What is a feature of capital?
How does double entry system work?
When Asset increase =credit
When asset decrease=debit
When Asset increase =debit
When asset decrease =credit
When liability and capital increases =debit
When liability and capital decrease =credit
When liability and capital increases =credit
When liability and capital decrease =debit
Double entry for expenses always.......
Double entry for income always........
Which of these (debit) in double entry for inventory?
Double entry for drawings.......
If the business sold good on credit to Sam, which account will be credited?
Assets=Liabilities-Owner's Equity is the accounting equation