PRINCIPLES OF ACCOUNTING (VYC1). Designed to boost confidence and grades!

PRINCIPLES OF ACCOUNTING (VYC1).
Designed to boost confidence and grades!
DC ADE LER - Answer: Credit, Debt | Asset, Draw, Expense | Liability, Equity (capital),
Revenue


Income Statement - Answer: Expense and Revenue; shows results of operations for a
given period


Balance Sheet - Answer: Asset = Liability + Equity


Income Summary - Answer: An account that is used to close revenue and expense
accounts; used as a summary of operations from the owner's perspective.


Journal - Answer: After analyzing source documents, journalize the transactions.


Worksheet - Answer: Requires the balance sheet and income statement to put together


Assets - Answer: Cash, accounts receivable, inventory, equipment, buildings


Draw - Answer: Distributions to owners, withdraw to personal account; oppose of the
equity.


Expense - Answer: Regular bills, such as electricity and rent.


Liability - Answer: Accounts payable, paying wages, money owed to others


Equity - Answer: The owners' stake in the business, retained earnings, capital; opposite
of the draw.


Revenue - Answer: Income from sales and services.


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APPHIA - Crafted with Care and Precision for Academic Excellence.