Multiple choice: 1. Which of the following is incorrect regarding profit? A. Profit is measured only indirectly as an arithmetical difference. B. Profit increases equity. C. Profit is the excess of total income over total expenses. D. Profit is earned if total income is less than total expenses. 2. An increase to an account is recorded A. in the debit side of that account. B. in the credit side of that account. C. beside the account. D. in the side of that account that represents its normal balance.

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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