Lecture Notes 02 (14 pages) FMA8e Accounting for Business Transactions Access v11.docx

This preview shows page 1 - 3 out of 14 pages.

ACCT 2301, Principles of Financial AccountingLecture NotesChapter 2:Accounting for Business TransactionsObjective 1 (C1): Explain the steps in processing transactions and the rule of source documents..
Objective 2 (C2): Describe an account and its use in recording transactions.
Objective 3 (C3): Describe a ledger and a chart of accounts.
Objective 4 (C4): Define debits and credits and explain double-entry accounting.
2301 FMA 8ePage 1 of 14090120Lecture Notes 2 Accounting for Business TransactionsPrepared and maintained by Clarice McCoy.Send additions, corrections, deletions, and/or suggestions to[email protected].
Account FormatTheleftside of an account is called thedebitside.A debit is an entry on the left side of an account.Therightside of an account is called thecreditside.A credit is an entry on the right side of anaccount.Accounts are assigned balance sides based on their classification or type.Toincreasean account, anamount is placed on thebalance side;todecreasean account, an amount is placed on thesideopposite its assigned balance side.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 14 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
lamrot bekel
Tags
Balance Sheet, Generally Accepted Accounting Principles, Double entry bookkeeping system, FMA, Clarice McCoy

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture