211: A = L + E Flashcards by Vallerina Tauahi

Q

Assets

A

Dr

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Q

Liabilities

A

Cr

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Q

Equity

A

Cr

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Q

Share Capital

A

Cr

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Q

Retained Earnings / Retained Profits

A

Cr

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Q

ARS: Asset Revaluation Surplus

A

Cr

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Q

Other Individual Equity Accounts

A

Cr

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Q

Income Accounts (temporary equity accounts)

A

Cr

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Q

Expense Accounts (temporary equity accounts can include COGS, Other Expenses etc)

A

Dr

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Q

Dividends Declared

A

Dr

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Q

Operating Profit / Profit Before Tax

A

DOWN! Cr

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Q

Income Tax Expense

A

Dr

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Q

Profit After Tax

A

DOWN! Cr

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Q

Retained Earnings b/f

A

Cr

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Q

Dividends Declared

A

Dr

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Q

Retained Earnings c/f

A

DOWN! Cr

Q

ARS: Asset Revaluation Surplus

A

Cr

Q

SC: Share Capital

A

Cr

Q

Total Equity

A

DOWN! Cr

Q

CL: Current Liability

A

Cr

Q

NCL: Non-Current Liability

A

Cr

Q

Total Liabilities

A

DOWN! Cr

Q

Total Equity & Liabilities

A

DOWN! Cr

Q

Cash

A

Dr

Q

Accounts Receivable

A

Dr

Q

Inventory

A

Dr

Q

PPE

A

Dr

Q

Intangible Asset

A

Dr

Q

Investment in Sub

A

Dr

Q

Goodwill

A

Dr

Q

Total Assets

A

DOWN! Dr

Q

Dividends Payable

A

Cr