What is the difference between an account and a ledger

Assignment Help Accounting Basics

Reference no: EM13899967

1. When you registered for this class and paid your tuition, you interacted with the college's information systems.

(a) Are the registration and tuition payment systems business information systems? (b) Which system is part of the college's accounting system?

2. What is the difference between an account and a ledger?

3. Do the terms debit and credit signify increase or decrease, or can they signify either? Explain.

4. What is the effect (increase or decrease) of a debit to an expense account (a) in terms of stockholders' equity and (b) in terms of expense?

Reference no: EM13899967

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