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Accounts Notes Sem 3

This document discusses key concepts in financial accounting including debits and credits, the accounting equation, and adjusting entries. It explains that debits increase asset and expense accounts, and decrease liability, capital, and revenue accounts. Credits have the opposite effect. The accounting equation is Assets = Liabilities + Capital, which must always balance after adjustments. Adjusting entries are made at the end of an accounting period to update revenue, expense, and balance sheet accounts for events that have occurred.

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navya surana
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68 views19 pages

Accounts Notes Sem 3

This document discusses key concepts in financial accounting including debits and credits, the accounting equation, and adjusting entries. It explains that debits increase asset and expense accounts, and decrease liability, capital, and revenue accounts. Credits have the opposite effect. The accounting equation is Assets = Liabilities + Capital, which must always balance after adjustments. Adjusting entries are made at the end of an accounting period to update revenue, expense, and balance sheet accounts for events that have occurred.

Uploaded by

navya surana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

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