Exam (elaborations)
Accounting Connect Terms Assignment 2 Questions & answers
Accounting Connect Terms Assignment 2 Questions & answers
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Accounting Connect Terms Assignment 2Assets - ANS-Debit Increases; Credit Decreases
Liabilities - ANS-Credit Increases; Debit Increases
Stockholders' Equity - ANS-Credit Increases; Debit Increases
Journal entry - ANS-The results of transaction analysis in debits-equal-credits format.
A = L + SE; Debits = Credits - ANS-The two equalities in accounting that aid in providing
accuracy.
Transaction - ANS-An exchange or event that has a direct and measurable financial
effect.
Liabilities - ANS-Amounts presently owed by a business.
Assets - ANS-A resource owned by a business, with measurable value and expected
future benefits.
Income statement, balance sheet, statement of retained earnings, and statement of
cash flows - ANS-Four periodic financial statements.
- ANS-The account that is debited when money is borrowed from a bank.
- ANS-Cumulative earnings of a company that are not distributed to the owners.
- ANS-Every transaction has at least two effects.
- ANS-Assigning dollar amounts to transactions.
Accounts Receivable CAselected answer correct Debitselected answer correct
2. CLselected answer correct Creditselected answer correct
3. \ SEselected answer correct Creditselected answer correct
4. NCLselected answer correct Creditselected answer correct
5. CLselected answer correct Creditselected answer correct
6. NCAselected answer correct Debitselected answer correct
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