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What else can I help you with?
True or false after each transaction the basic accounting equation should remian in balance?
true
Filled Customer Orders Collected transaction are recorded into the accounting system using what balance identifier?
The answer is R
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
Why does the balance sheet always balance?
it is always balance because it depicts the basic accounting equation it means all transactions recorded correctly if balance sheet don't balance it means some transactions missing or there are some errors.
Does Every accounting transaction affects both the balance sheet and the income statement?
yes
How are liabilities affected by debits and credits in accounting?
In accounting, liabilities are affected by debits and credits based on the type of transaction. When a liability increases, it is recorded as a credit, and when a liability decreases, it is recorded as a debit. This helps maintain the balance in the accounting equation.
True or false after each transaction the basic accounting equation should remian in balance?
true
Filled Customer Orders Collected transaction are recorded into the accounting system using what balance identifier?
The answer is R
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
What if a balance sheet doesn't balance?
This can mean that either you got the maths wrong, or that the business has not accounted for one or more transactions. Ex: Company purchased $2,000 in equipment in cash. You Debit the equipment, but forget to Credit the cash balance. That incorrect transaction would cause the accounting equation to be incorrect. The accounting equation is... Assets = Liability + Owner Equity
Is a balance sheet supposed to balance?
it is always balance because it depicts the basic accounting equation it means all transactions recorded correctly if balance sheet don't balance it means some transactions missing or there are some errors.
Why does the balance sheet always balance?
it is always balance because it depicts the basic accounting equation it means all transactions recorded correctly if balance sheet don't balance it means some transactions missing or there are some errors.
Accountiing equation is?
The accounting equation is a fundamental principle in accounting that states: Assets = Liabilities + Equity. This equation illustrates that a company's resources (assets) are financed either by borrowing money (liabilities) or by using the owners' funds (equity). It ensures that the balance sheet remains balanced, reflecting the relationship between what a company owns and owes. This equation is foundational for double-entry bookkeeping, ensuring that every financial transaction maintains this balance.
Does Every accounting transaction affects both the balance sheet and the income statement?
yes
What are the phases in accounting cycle?
Collecting daa, transaction analysis, journalizing transaction, posting to ledger account, preparing a trial balance
What financial statement is directly based on the accounting equation?
Balance sheet
How would you enter something from the statement that decreases the bank balance?
To enter a transaction that decreases the bank balance, you would record it as a debit in the accounting ledger. This reflects an outflow of cash, such as expenses, withdrawals, or payments. Additionally, you would ensure that the corresponding credit entry is made to the appropriate account, such as an expense account or accounts payable, to maintain the accounting equation's balance.
