Define Asset
-:- Property of monetary value owned by a buisness
What are the steps of the accounting process?
-:- Analyze, record, classifies, summarize, reports, interprets
Credit on expense account will ____________ it
-:- Decrease
What is the equation for balance sheet
-:- Assets = li...
Money supplied by the owner of business is an _______________
✓ -:- Investment
Always expect the closing balance to be ______________
✓ -:- Positive
Where do balances on trial balance come from?
✓ -:- Individual ledger
T/F: Profit and Loss statement can be prepared at any time
✓ -:- T
2|Page | Grade A+| 2024/2025
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