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Coursera Intro to accounting (bookkeeping)questions well answered
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Coursera Intro to accounting(bookkeeping
What three equation in bookkeeping must balance at all times/ - correct answer ✔✔1. Balance sheet
equation Assets= Liabilities + Shareholders Equity
2. Sum of debits = Sum of credits
3. Beginning Balance account + Increases + Decreases = Ending account balance.
Debit entry goes on which side? - correct answer ✔✔Left
Credit entry goes on which side? - correct answer ✔✔Right
In the accounting world what does debit mean? - correct answer ✔✔Left
In the accounting world what does credit mean? - correct answer ✔✔Right
To enable all entries in bookkeeping to be positive what part of the balance sheet equation moves and to
where ? - correct answer ✔✔Assets = Contributed Capital + Retained Earning+ Revenue - Expenses
In bookkeeping Expenses move to the side of the assets to keep everything positive.
Assets + Expenses = Contributed Capital + Retained Earning + Revenue
What goes on the debit side? - correct answer ✔✔Contributed Capital, Retained Earning and Revenue
What goes on the credit side? - correct answer ✔✔Assets and Expenses.
What are the rules of Debits and credits? - correct answer ✔✔- Every transaction must have at least one
debit and at least one credit
- Debits must equal credits for all transactions
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