PEARLS Mnemonic Flashcards
1
Q
What does P stand for?
A
Purchases
2
Q
What does E stand for?
A
Expenses
3
Q
What does A stand for?
A
Assets
4
Q
What does R stand for?
A
Revenue
5
Q
What does L stand for?
A
Liabilities
6
Q
What does S stand for?
A
Shareholders money
7
Q
Which do we debit if they go up?
A
Purchases, expenses and assets
8
Q
Which do we credit if they go up?
A
Revenue, liabilities, shareholders money
