Accounting Online Ivy Software Chapter 3 Certification Report Exam With Answers Well Defined.
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Course
IVY
Institution
IVY
Economic event that affects the financial position of a company. - Accounting Transaction
All accounting transactions cause a measurable change in - the statement of financial position (balance
sheet) accounts
After a transaction is identified, it is assigned a ___________ reflecting the eve...
Economic event that affects the financial position of a company. - Accounting Transaction
All accounting transactions cause a measurable change in - the statement of financial position (balance
sheet) accounts
After a transaction is identified, it is assigned a ___________ reflecting the event's effect on the
business. - dollar value
T/F Most accounting trnansactions are external - True. they concern economic events between
an enterprise and an entity external to it.
The purchase of equipment, the sale of goods or services, and the borrowing of money are common
examples of ___________ transactions. - external
The depreciation expense that a firm charges itself is
a good example of an ___________ transaction. - internal
The vertical stem of the "T" on the T Account divides the account into two columns: - Increases and
Decreases
Describe the T Account for an Asset Account - Left, debit, increases T Right, credit, decrease
Describe the T Account for a Liabilities Account - Left, debit, decrease T Right, credit, increase
Describe the T Account for an Owners Equity Account - Decrease, left, debit T Increase, right, credit
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