Summary of Study Objective1

Summary of Study Objective1 - Summary of Study Objectives 1...

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Summary of Study Objectives 1 Analyze the effect of business transactions on the basic acc business transaction must have a dual effect on the accounting individual asset is increased, there must be a corresponding (a (b) increase in a specific liability, or (c) increase in stockholde 2 Explain what an account is and how it helps in the recordi individual accounting record of increases and decreases in spe stockholders' equity items. 3 Define debits and credits and explain how they are used to transactions. The terms debit and credit are synonymous with dividends, and expenses are increased by debits and decreased common stock, retained earnings, and revenues are increased debits. 4 Identify the basic steps in the recording process. are: (a) analyze each transaction in terms of its effect on the a transaction information in a journal, and (c) transfer the journ appropriate accounts in the ledger. 5
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This document was uploaded on 11/03/2011 for the course ACCOUNTING ac 201 at Montgomery.

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Summary of Study Objective1 - Summary of Study Objectives 1...

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