Accounting equation cheat sheet

ACCT 3110

Summary of the accounting cycle financial accounting the process of identifying, recording, summarizing analyzing an financial transactions and reporting them

The accounting equation is Assets = Liabilities + Equity and is the foundation that keeps the ledgers and balance sheet balanced in double entry bookkeeping.

This "cheat sheet" explains the accounting equation: Assets=Liabilities+Owners Equity It also details under each category what is an asset, what is a liability, and what is an owner's equity. Students always love this. It's their "go to" the entire time during accounting. This page goes along with the document called: "Impact of Debits and Credits on Account Types" They both go nicely in a plastic sleeve for students to reference

Assets = Liabilities + Owner's Equity

Basic Impact of Everyday Journal Entries on The Income Statement - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Issuance of stock to investors increases cash and common stock on the balance sheet. Payment of dividends to stockholders decreases cash. Purchase of long-term assets like equipment increases the asset account and decreases cash or increases liabilities if purchased on credit. Receiving advance payment from customers for future services increases cash…

MATH 1002 Lecture one Cheat Sheet from foxxer.

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