What are the different classifications of accounts

Assignment Help Accounting Basics
Reference no: EM131227803

Discussion 1:

The accounting equation is Assets = Liabilities + Owner's equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the accounting equation.

Discussion 2:

What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.

Reference no: EM131227803

Questions Cloud

Plant Research Term Project : In this section you will be researching scientific and medical evidence including clinical trials for the efficacy of your chosen plant. Put some effort in here and find some good studies that either uphold or deny the various claims made for your..
What are some alternatives to which people have resorted : (Case Study: When Monetary Systems Break Down) In countries where the monetary system has broken down, what are some alternatives to which people have resorted to carry out exchange?
Automated banking processes : We are all used to the conveniences that come with modern banking. We not only can pay our bills online but we can have some paid automatically every month from our account. We can get our checking account balances on a daily basis. With all the a..
Describe cognitive development in infants and toddlers : In your own words, please describe either the social or emotional development in infants and toddlers or the social or emotional development in early childhood.
What are the different classifications of accounts : What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Which depreciation methods would you recommend : Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
How could people lose faith in money : (Fiat Money) Most economists believe that the better fiat money serves as a store of value, the more acceptable it is. What does this statement mean? How could people lose faith in money?
Describe why is the reporting of control procedures required : Why is the reporting of control procedures required, and what information is disclosed about Starbucks' control procedures? Justify your response.
What conditions would you use both types of tobacco : Under what conditions would you use both types of tobacco for money?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is donovan''s inventoriable cost for 2015

1. Kim Co. purchased goods with a list price of $182,100, subject to trade discounts of 30% and 20%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods?

  X company is considering investing in manufacturing

x company is considering investing in manufacturing equipment expected to cost 184000. the equipment has an estimated

  How should jason long plan to search

How should Jason Long plan to search for these loss contingencies?

  Account for the contracts problem

Assume that 2,20 contracts were sold in 2011 and that contract sales were made evenly over the year. Give the entries required for 2011 and 2012 to account for the 2,200 contracts.

  On april 1 2009 a company paid the 1350 premium on a

on april 1 2009 a company paid the 1350 premium on a three-year insurance policy with benefits beginning on that date.

  Thurman munster the owner of adams family rvs is

thurman munster the owner of adams family rvs is considering the addition of a service center his lot. the building and

  Budgetary journal entry at the beginning of fiscal

Actual revenues are equal to estimated revenues, and actual expenditures are $7,000 less than appropriations.

  Legitimate criticism of the strategic management

A legitimate Criticism of the Strategic management process is that it can be very subjective.Why?And how can you mitigate or overcome that?

  On april 1 2013 quirk issued 800000 9 bonds for 860589

prepare journal entries to record the following transactions related to long-term bonds of quirk co.on april 1 2013

  Average variable cost exceeds price at all output levels

Total cost exceeds total revenue at all output levels.  Average variable cost exceeds price at all output levels.

  Net income and net cash flow from operating activities

If you purchased $6000 of inventory for cash; later in the same year one-half of the inventory was sold for $4000 on account. What would the amount of net income and net cash flow from operating activities.

  Werth company asks you to review its december 31 2010

werth company asks you to review its december 31 2010 inventory values and prepare the necessary adjustments to the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd