ACC120 Study Guide - Final Guide: 5,6,7,8, Trial Balance, List Of Bus Routes In Queens
Document Summary
Correlation chart between bloom"s taxonomy, study objectives, and end-of- Q2-10 in the recording be2-6 process and journalize transactions. E2-2: explain how a ledger helps in the recording process and post transactions, prepare a trial balance. Unauthorized copying, distribution, or transmission of this page is prohibited. Weygandt, kieso, kimmel, trenholm, warren, novak accounting principles, seventh canadian edition. An account is an accounting record of increases and decreases in a specific asset, liability, or owner"s equity item. A company will need, at a minimum, two accounts to represent an asset account and either a liability or owner"s equity account. However, companies usually have many accounts since they will have different types of assets, liabilities, and owner"s equity items, including drawings, revenues, and expenses. Debiting an account refers to the practice of entering an amount on the debit (or left) side of an account. Crediting an account signifies entering an amount on the credit (or right) side of an account.