1 / 17

Learning the Basic Accounting Equation : Which account do I go in? By : Ali Schillinger

Learning the Basic Accounting Equation : Which account do I go in? By : Ali Schillinger. GO. Directions: Click to see where these accounts fall under!. ASSET LIABILITY EQUITY. Anything of value in which the business owns. Non-owners equity claim on assets.

honey
Download Presentation

Learning the Basic Accounting Equation : Which account do I go in? By : Ali Schillinger

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Learning the Basic Accounting Equation: Which account do I go in? By: Ali Schillinger GO

  2. Directions: Click to see where these accounts fall under! ASSET LIABILITYEQUITY Anything of value in which the business owns Non-owners equity claim on assets Owners right to recover investment in business assets ACCOUNTS PAYABLE UNEARNED REVENUE CAPITAL SUPPLIES ACCOUNTS RECIEVABLE EQUIPMENT RETAINED EARNINGS

  3. Question #1 What type of account goes under liabilities? Receivable Payable Capital Equipment • Next question

  4. Question #2 What is an asset? Owners right to recover investment in business assets Non-owners equity claim on assets Anything of value which the business owns Decrease in owners equity due to business transactions • Next question

  5. Question #3: What is not a liability? Notes Payable Accounts Payable Accounts Receivable Interest Payable • Next question

  6. Question #4: What is the correct basic accounting equation? liability= assets + equity Equity= liability + assets Assets= liability + equity • Next question

  7. Question #5: Which of these accounts falls under equity? Equipment Capital Accounts Receivable Unearned Revenue

  8. Correct!

  9. Correct!

  10. Correct!

  11. Correct!

  12. Correct!

  13. INCORRECT

  14. INCORRECT

  15. INCORRECT

  16. INCORRECT

  17. INCORRECT

More Related