ADM 1340 Chapter Notes - Chapter 3: General Journal, General Ledger, Accounting Equation

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ADM 1340 Full Course Notes
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ADM 1340 Full Course Notes
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Analyze the effects of transactions on the accounting equation. Define debits and credits and explain how they are used to record transactions. Identify the basic steps in the recording process. The system of collecting and processing transaction data and communicating financial information: can vary widely based on factors such as: Transactions are economic events that must be recorded in the financial statements: not all events are recorded and reported as accounting transactions: Only those that change assets, liabilities or shareholders" equity. Transaction analysis determines impact on the accounting equation. Therefore, each transaction has a dual (double-sided) effect on the equation. Identify an economic event that would be recorded in the accounting system and one that would not be recorded. Account: an individual accounting record of increases and decreases in a specific asset, liability, or shareholders" equity item. The title of the account: a left or debit side, a right or credit side.

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