Describe how debits and credits impact assets, liabilities , owner,s equity

Q: What is the debit for the investment of the owner * O debit assets debit liability debit equity…

A: When owner invests amount or assets in the business, then one side it will increase assets for the…

Q: Describe how debits and credits affect assets, liabilities, and permanent owners’ equity accounts.

A: Asset: Assets refer to the resources owned by the business, which are utilized in the course of the…

Q: The accrual basis of accounting record income when it is :

A: SOLUTION- ACCRUAL BASIS OF ACCOUNTING- IN THAT REVENUES ARE REPORTED ON THE INCOME STATEMENT WHEN…

Q: What means accounting information?

A: Accounting information -   the information which is generated from the accounting process is known…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: What is the fees earned and net income of this income statement?

A: Net income is the excess of revenue over expenses. Net income is calculated under income statement…

Q: Give me an examples of t account for my accounting class.  I need examples with asset, liability…

A: T accounts are the general ledger accounts that is being prepared by the business for posting of…

Q: measurement of the value of an item appearing in the Financial Statements

A: Option 1 is wrong because the value of property, plant and equipment may appear at fair value, not…

Q: What is accrual accounting and how does it work?

A: Accrual accounting is a system of accounting wherein: Revenues are recognized as and when they are…

Q: analyze the transaction using the accounting equation,

A: The company's assets are the valuable resources it controls. Their obligations are represented by…

Q: What is owner Capital listed as a debit or credit

A: Solution: Owner capital is the amount of capital invested in business by owner. This is shown as…

Q: describe the elements of the balance sheet: assets, liabilities, and equity

A: Balance sheet is an important financial statement. It contains three elements. Those are assets,…

Q: Prepare the Statement of Financial Position in an account form

A: Statement of financial position shows all assets and all liabilities of the business along with…

Q: What are the financial statements?

A: Financial statements:Financial statements are a written record which convey the financial…

Q: What are the process of accounting?

A: The question has covered the concept of the process of accounting.

Q: Define Accrual accounting.

A:

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: Describe the elements of the Statement of Financial Position. Also, differentiate Current and Non…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: Who are the providers of financial information? Name them.

A: Financial Information of any organization is provided in its financial reports. These reports are:…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Cash

A: Assets, liabilities, and equity are balance sheet elements.

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Equipment

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Explain what makes information in financial statements relevant to use

A: Solution- I think Cash flow statement is the most important for investor to look at although he gets…

Q: Financial information is prese

A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost…

Q: State the meaning of Income and Expenditure Account.

A: Accounting:   It refers to the process of recording the financial transactions of an organization…

Q: What is accounting information?

A: Solution:- Accounting information means as follows under:-

Q: Direction: Classify each transaction whether they operating, financing or investing. After which,…

A: Statement of cash flow (CFS) refers to a financial statement which shows the flows of cash and cash…

Q: Explain the concept of NORMAL BALANCE and how it works for assets, liabilities and equity.

A: Concept of NORMAL BALANCE : Generally, the most of the companies follows double entry method of book…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts…

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: Prepare statement of owner's equity

A:

Q: Describe about the external and internal events of the accounting.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: what is the accounting equation for assets?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: Define financial assets and explain their valuation in the balance sheet.

A: Definition:

Q: Define and explain the relationship between Assets, Liabilities, Equity, Revenues and Expens

A: Corporation - An organization that has been registered as a corporation under a corporation act has…

Q: mention the users of financial information and their respective needs.ment accounting and cost…

A: The users of financial information and their respective needs are discussed hereunder :

Q: Explain Accrual Accounting as it relates to revenue and expenses.

A: Accounting refers to recording, posting, analysing, summarising and communicating the financial…

Q: How do I identify a transaction and whether it is debited or credited?

A: Transaction means any events which is denoted in money terms and which can be recorded in books of…

Q: Is Utilities Expense a credit or a debit or both?

A: As per accounting rules, All expenses, losses, and assets should be debited and all income, gain,…

Q: What is the relationship between the revenue and expense accounts and the owners equity account?

A: The revenue and expense accounts provide the net income or loss which would be transferred to Owners…

Q: assets, liabilities and equity accounts.

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is