211: A = L + E Flashcards
Debits & Credits!
1
Q
Assets
A
Dr
2
Q
Liabilities
A
Cr
3
Q
Equity
A
Cr
4
Q
Share Capital
A
Cr
5
Q
Retained Earnings / Retained Profits
A
Cr
6
Q
ARS: Asset Revaluation Surplus
A
Cr
7
Q
Other Individual Equity Accounts
A
Cr
8
Q
Income Accounts (temporary equity accounts)
A
Cr
9
Q
Expense Accounts (temporary equity accounts can include COGS, Other Expenses etc)
A
Dr
10
Q
Dividends Declared
A
Dr
11
Q
Operating Profit / Profit Before Tax
A
DOWN! Cr
12
Q
Income Tax Expense
A
Dr
13
Q
Profit After Tax
A
DOWN! Cr
14
Q
Retained Earnings b/f
A
Cr
15
Q
Dividends Declared
A
Dr
