What types of accounts are increased with a credit?
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Liabilities, owners equity, revenue
What are the two bases of accounting?
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Cash, accrual
How is netbook value calculated?
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Fixed asset cost
- accumulated depreciation
= netbook value
What types of accounts are increased with a debit?
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Drawing, expenses, assets
Income tax payable
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1. Liability
2. Credit
3. Balance sheet
Drawing
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1. Owners equity
2. Debit
3. Statement of owners equity
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Liabilities, owners equity, revenue
What are the two bases of accounting?
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Cash, accrual
How is netbook value calculated?
, Give this one a try later!
Fixed asset cost
- accumulated depreciation
= netbook value
What types of accounts are increased with a debit?
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Drawing, expenses, assets
Income tax payable
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1. Liability
2. Credit
3. Balance sheet
Drawing
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1. Owners equity
2. Debit
3. Statement of owners equity
