How do revenues and expenses affect the accounting equation

Reference no: EM131343450

1. How do revenues and expenses affect the accounting equation?

2. What is a T-account? Describe the basic components of any account.

3. Do you agree with the statement that ‘‘debits mean increase and credits mean decrease''? If not, what do debit and credit mean?

4. The words debit and credit are used in two ways in accounting: ‘‘e.g., to debit an account'' and ‘‘a debit balance.'' Explain both usages of the terms debit and credit.

Reference no: EM131343450

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