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Start studying Chapter 3:Business Transactions and the Accounting Equation. trailer
basic accounting equation is in the form a b c. • To find b, rewrite the equation as b a c. • To find c, rewrite the equation as c a b. by permdeb. 5. Double-entry bookkeeping 3. Indicate how a journal is used in the recording process. Test your knowledge of double entry bookkeeping and accounting with our online basic accounting equation quiz. 0000033883 00000 n
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Analyze the following transactions under the Accounting Equation Approach. Each transaction is called a business transaction. ... 64% average accuracy. 0000002463 00000 n
Purchases (Journal) Book; 3. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 0000008532 00000 n
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1. Business Transactions and Source Document; 2. 0000012767 00000 n
After each transaction, the basic accounting equation should remain in balance. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Some of the worksheets for this concept are Analyzing business chapter transactions, Analyzing business, College accounting, Unit 1 the accounting equation, Accounting equation transaction analysis, 2 transaction analysis, Accounting cheat, Double entry accounting … 0000015322 00000 n
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Start studying Accounting Chapter 3 Business Transactions and the Accounting Equation. Start the Accounting Transactions Quiz Identify how each of the following transactions affects the assets, liabilities or equity of the business. True 2. Thus, each debit has an equal credit. 0000002589 00000 n
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The basic accounting equation is fundamental to an understanding of double entry bookkeeping transactions. A business transaction affects at least two accounts. 0. ... Start the Basic Accounting Equation Quiz. • An individual, association, or organization that ... • All business transactions affect the accounting equation through specific accounts. Copy this to my account; E-mail to a friend; Find other activities; Start over; Help; Learn the basic accounting equation and the rules of debit and credit for accounts in each part of the equation. �˨` �g�{
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Identify the letter of choice that best completes the statement or answers the questions 0000017950 00000 n
It is to be noted here that the Accounting Equation shall remain balanced every time. Posting from Journal . 0000019243 00000 n
Preview this quiz on Quizizz. A business transaction affects at least two accounts. Accounting is a way of getting information about the transactions and events within the business in reports that are used by persons interested in the entity.. Assets, liabilities and owners’ equity are the three components of the accounting equation that make up a company’s balance sheet. 2.3 . Chapter 3: THE ACCOUNTING INFORMATION SYSTEM Using the Accounting Equation to Analyze Transactions Accounting information system: The system of collecting and processing transaction data and communicating financial information to decision-makers including the nature of the company’s business, the types of transactions, the size of the company, the … CHAPTER 3 Quick Quiz Business Transactions and the Accounting Equation PART A True or False Directions: Read each of the following statements to determine whether the statement is true or false.
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