Explain how increases and decreases in cash may affect

Assignment Help Financial Accounting

Reference no: EM133337254

Question: In not more than 1300 words please respond to this three-part assignment:

1) explain double-entry bookkeeping and financial transaction analysis; that is, how increases and decreases in account value are reflected in the following five classes of accounts: Assets; Liabilities; Capital; Revenues and Gains; Expenses and Losses. For example, are increases in value to asset accounts reflected as debits or credits in the books and records; what type of transaction would increase asset value, and what type of transaction would decrease asset value (hint: increases to assets would occur, for example, when the entity earns revenue; decreases in assets would occur, for example, when the entity pays down its debt with cash);

2) explain how increases and decreases in Cash may affect each of the noted accounting classifications (e.g., does an increase in cash increase/decrease Assets; does a decrease in Cash increase/decrease Assets; or does it depend on the specific transaction; how so?

3) identify in which financial report(s) each of these noted account classifications would be disclosed and presented (e.g., what account classifications are found in the balance sheet?) The entire Franklin et al. text (e.g., Module 3 ) should prove invaluable for this assignment.

Reference no: EM133337254

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