Multiple choice: 1. The term ‘present obligation’ connotes A. Liability B. Asset C. Income D. Equity 2. You purchased goods to be held for sale in the ordinary course of business activities, on cash basis. Which of the following accounts is increased and therefore debited? A. Cash B. Owner's equity C. Accounts Payable D. Inventory

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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