WK2 L Flashcards
1
Q
What are the types of accounts?
A
Equity
Expenses
Revenue
Assets
Liability
2
Q
What does REALE do?
A
Shows how to do income statement and balance sheet
3
Q
What is the same between EARLE and REALE?
A
First E is still expenses, second is Equity
4
Q
How do you use REALE?
A
R-E = Net income
A-L=E
