ACCT 2000 Chapter 3 Class Notes

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ACCT 2000

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Accounting 2000Chapter 3 Class Notes1Analyze the effect of business transactions on the basic accounting equation2Explain what an account is and how it helps in the recording process3Define debits and credits and how they are used to record transactions4Identify the basic steps in the recording process5Explain what a journal is and how it helps in the recording process6Explain what a ledger is and how it helps in the recording process7Explain what posting is and how it helps in the recording process8Explain the purposes of a trial balance The Accounting Information System is a system of1Collecting 2Processing transaction data and 3Communicating financial information to decision makersTransactions are economic events that require recording in the financial statements Assets liabilities or stockholders equity items change as a result of some economic event There is a dual effect on the accounting equationPage 1 of 9
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