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Description
Flashcards by mrlewiswhalen, updated more than 1 year ago
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Created by mrlewiswhalen
about 9 years ago
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| Question | Answer |
| What is the accounting equation? | A = C + L |
| What is a debit? | A debit is a positive |
| What does A stand for in the accountancy equation? | Assets |
| What is the definition for Liabilities? | Someone is responsible, especially an amount money owed |
| What does L stand for in the accountancy equation? | Liabilities |
| What is a credit? | A credit is a negative |
| What does C stand for in the accountancy equation? | Capital |
| What is the definition for Asset? | An item of property owned by a person or company |
| What is the definition for Capital? | Wealth in the form of money by a person or organisation for a purpose such as investing or starting up a company |
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