FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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Guide Questions 1. What are the elements of an expanded accounting equation? 2. Can you still remember the different accounts in your chart of accounts? 3. Can you give example of transactions which results to an increase or decrease in an account? Rubric Activity Advanced Competent Developing Beginner
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Transcribed Image Text:Guide Questions 1. What are the elements of an expanded accounting equation? 2. Can you still remember the different accounts in your chart of accounts? 3. Can you give example of transactions which results to an increase or decrease in an account? Rubric Activity Advanced Competent Developing Beginner
Guide Questions 1. Can you still recall the rules of debit credit? 2. How do we increase or decrease an account? 3. Do you agree that debit means to increase an account and credit means to decrease an account?
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Transcribed Image Text:Guide Questions 1. Can you still recall the rules of debit credit? 2. How do we increase or decrease an account? 3. Do you agree that debit means to increase an account and credit means to decrease an account?
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