Ch 1-6 Flashcards
1
Q
What is the normal balance of each of the following: •Assets •Liabilities •Dividends •Capital Stock •Revenue •Expenses
A
- assets = debit
- liabilities = credit
- Dividends = debit
- capital stock = credit
- revenue = debit
- expenses = credit
2
Q
What is the accounting equation?
A
Assets = Liabilities + Stockholders’ Equity
