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    Maxine Falco
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    The document discusses key concepts in accounting including the double-entry system which requires every transaction to be recorded in a minimum of two accounts and for total debits to equal total credits. It also lists the fundamentals of accounts as assets, liabilities, owner's equity, expenses, and income. Finally, it explains that debits record money flowing into an account while credits record money flowing out of an account in the double-entry bookkeeping method used by most businesses.

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    The document discusses key concepts in accounting including the double-entry system which requires every transaction to be recorded in a minimum of two accounts and for total debits to equal total credits. It also lists the fundamentals of accounts as assets, liabilities, owner's equity, expenses, and income. Finally, it explains that debits record money flowing into an account while credits record money flowing out of an account in the double-entry bookkeeping method used by most businesses.

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    © All Rights Reserved
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    10 views1 page

    Acc 7

    Uploaded by

    Maxine Falco
    The document discusses key concepts in accounting including the double-entry system which requires every transaction to be recorded in a minimum of two accounts and for total debits to equal total credits. It also lists the fundamentals of accounts as assets, liabilities, owner's equity, expenses, and income. Finally, it explains that debits record money flowing into an account while credits record money flowing out of an account in the double-entry bookkeeping method used by most businesses.

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    © All Rights Reserved
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    What are the two entry system?

    The double-entry system of accounting or bookkeeping means that for every business
    transaction, amounts must be recorded in a minimum of two accounts. The double-entry
    system also requires that for all transactions, the amounts entered as debits must be
    equal to the amounts entered as credits.

    What are 4 Fundamentals of accounts?


    Fundamentals of Accounting Principles
     Assets.
     Liabilities.
     Owner's Equity.
     Expenses.
     Income.

    What is debit and credit?


    What are debits and credits? In a nutshell: debits (dr) record all of the money flowing
    into an account, while credits (cr) record all of the money flowing out of an account.
    What does that mean? Most businesses these days use the double-entry method for
    their accounting.

    This study source was downloaded by 100000808774952 from CourseHero.com on 03-23-2023 08:31:27 GMT -05:00

    https://www.coursehero.com/file/161854507/ACC-7docx/
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