Review, Accounting Basics

1. State the equity equation.
2. Which account represents the beginning equity figure?
3. In which accounts are changes to equity recorded?
4. How do drawings affect the calculations of net income?
5. What will happen to equity if drawings are greater than net income?
6. Most of the time, a net loss will mean equity has decreased, even if the drawings are zero. True or false?
7. Give an example of when equity would increase if there was a net loss.
Posted Date: 10/27/2012 5:44:04 PM | Location : United States







Related Discussions:- Review, Assignment Help, Ask Question on Review, Get Answer, Expert's Help, Review Discussions

Write discussion on Review
Your posts are moderated
Related Questions
State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo

Workers compensation insurance Workers compensation insurance provides protection for employees who suffer a job-related illness or injury. Entire cost is generally paid by t

Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record

help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp


Q. What is transposition or slide error explain? When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the diffe

After going through this section, you should be capable to: Appreciate the needs for a conceptual framework of accounting; understand and appreciate the Generally Accept

Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios.

I chose table 2-4 Loan Amortization Schedule, $100,000 at 6% for 5 years to discuss. Table 2-4 relates to the other two tables in that it is the opposite of the other two tables. T

Determine the terms of Recording sales of merchandise The SALES ACCOUNT is a temporary account with a normal credit balance. It's ONLY used to record sale of merchandise on