Subsidiary Books And Ledger Accounts Flashcards
0
Q
What are assets?
A
Resources that are available for use by the business.
1
Q
What does DEADCLIC stand for?
A
Debit Credit
Expenditure Liabilities
Assets Income
Drawings Capital
2
Q
What are liabilities?
A
Monies owed by the business.
3
Q
What is capital?
A
Resources (cash or assets) introduced by the owner to run the business.
4
Q
What are drawings?
A
Funds withdrawn from the business by the owner for personal use.
5
Q
What is the equation for capital?
A
CAPITAL=ASSETS-LIABILITIES
