Exam (elaborations)
2021 FPC (1)
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Exam of 1 pages for the course FPC Chapter 2.2 & 2.3 at FPC Chapter 2.2 & 2.3 (2021 FPC (1))
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2021 FPCAsset & Expense Account - Debit - ANS-Anything increasing assets. Depositing money into a
checking account (ex: payroll checking account)
Asset & Expense Account - Credit - ANS-Anything decreasing assets. Writing a check on that
account
Liability & Revenue account - Debit - ANS-Paying back a loan aka decreasing liability
Liability & Revenue account - Credit - ANS-Taking out a loan aka increasing liability
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