Week 3 Flashcards
1
Q
Even transactions
A
do not affect net equity
2
Q
uneven transactions
A
affect net equity
2
Q
LEFT (DEBIT)
A
Increase in ASSETS
Decreases in LIABILITIES
Decreases in NE Expenses/Losses
3
Q
RIGHT (CREDIT)
A
Decreases in ASSETS Increases in LIABILITIES Increases in NE Revenues /Profits
