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Accounting Basics > T-Accounts > Flashcards

T-Accounts Flashcards

1
Q

Debits on the left

A

Dividends
Expenses
Assets

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2
Q

Credits on the right

A

Liabilites
Equity
Revenue

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3
Q

A = L + E (but rearranged)

A

Dividends + Expenses + Assets = Liabilities + Owners Equity + Revenue

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4
Q

Nature of Debits (DEA)

A

INCREASE when debited
DECREASE when credited

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5
Q

Nauture of Credits (LER)

A

DECREASE when debited
INCREASE when credited

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6
Q

When a credit or debit increases…

A

It’s the same as their nature ie credits increase when credited, debits increase when debited

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Accounting Basics (3 decks)

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