Accounting Equation

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

Resource summary

	Created by mrlewiswhalen over 9 years ago

	Copied by ridashad98 over 8 years ago