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Financial Accounting > Accounting Equation > Flashcards

Accounting Equation Flashcards

1
Q

How to find Assets?

A

Capital + Liabilities

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2
Q

How to find Liabilities?

A

Assets - Capital

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3
Q

How to find Capital?

A

Assets - Liabilities

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4
Q

How to find Closing Capital?

A

Opening Capital + Profit - Drawings + Capital

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5
Q

How to find Profit for the period?

A

Cl. Net Asset - Op. Net Asset + Drawings - Capital

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6
Q

How to find Closing Net Asset?

A

This is the same as your Closing Capital
(opening capital + profit - drawing + Capital)

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7
Q

How to find Opening Net Asset?

A

Cl. Net Asset - Profit + Drawings - Capital

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Financial Accounting (7 decks)

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