Procurement

Review of carding Fundamentals The work outing Equation Assets = Liabilities + faithfulness fairness = Contributed Capital + kept up(p) Earnings Retained Earnings = get Retained Earnings + top Income for the Period Dividends Net Income = Revenues Expenses + Gains losses Assets ( Probable in store(predicate) economic benefits obtained or controlled by a particular accounting entity as a result of gone transactions or events Liabilities ( Probably here later on sacrifices of economic benefits arising from present obligations of a particular accounting entity to carry over assets or provide services to other entities in the future tense as a result of past transactions or events. candour ( Residual interest in the assets of an entity that remains after(prenominal) deducting its liabilities. Accounts A company may have some assets and liabilities, and many revenues, expenses, gains and losses. The effects of transactions that cause changes in the various pecuniary statement elements are summarized in accounts. An account in T-account form, is: Account Number and Title Debit sideCredit side A dollar mark amount is debited to an account when it is entered on the left side and peg down to an account when it is entered on the right side.

|Debits indicate |Credits demonstrate | |Asset increases |Asset decreases | |Liability decreases |Liability inc! reases | |Equity decreases |Equity increases | |Expenses |Revenues | |Losses |Gains | |Revenue reductions |Expense reductions...If you want to get a full essay, order it on our website: BestEssayCheap.com

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