Statement of Owner's Equity
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shows the details of the changes in owner's equity that occurred during an
accounting period.
, CLIC the DEAD
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CLIC = Credit to increase Liabilities, Income and Capital (proceed the
opposite to decrease)
DEAD = Debit to increase Expenses, Assets and Drawings/Withdrawals
(proceed the opposite to decrease)
Types of Depreciation:
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1. Straight line
2. Accelerated: sum of the years digit.
3. Accelerated: double declining balance.
Permanent Accounts
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(do not get closed) at the end of the Accounting period (month) to the next
period
Asset, Liability and Owner’s Capital accounts Ex: Accounts Receivable,
Accounts Payable, etc…
Give this one a try later!
shows the details of the changes in owner's equity that occurred during an
accounting period.
, CLIC the DEAD
Give this one a try later!
CLIC = Credit to increase Liabilities, Income and Capital (proceed the
opposite to decrease)
DEAD = Debit to increase Expenses, Assets and Drawings/Withdrawals
(proceed the opposite to decrease)
Types of Depreciation:
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1. Straight line
2. Accelerated: sum of the years digit.
3. Accelerated: double declining balance.
Permanent Accounts
Give this one a try later!
(do not get closed) at the end of the Accounting period (month) to the next
period
Asset, Liability and Owner’s Capital accounts Ex: Accounts Receivable,
Accounts Payable, etc…
