State the rules of debit and credit as applied to (a) expense accounts, (b) asset accounts (c)
Question:
State the rules of debit and credit as applied to
(a) expense accounts,
(b) asset accounts
(c) capital account.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
a Expense Accounts Debit Increases in expenses are recorded as debits This means that when the compa...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Management Accounting Text Problems And Cases
ISBN: 9781259026683
6th Edition
Authors: M Y Khan, P K Jain
Question Posted:
Students also viewed these Business questions
-
State the rules of debit and credit as applied to (a) Asset accounts, (b) Liability accounts, and (c) The owners equity accounts (revenue, expenses, owners drawing, and owners capital).
-
The following table summarizes the rules of debit and credit. For each of the items (a) through (n), indicate whether the proper answer is a debit or acredit. Normal Balance Increase Decrease Balance...
-
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or acredit. Normal Balance Increase Decrease Balance...
-
Which one of the following is NOT an example of cash flows in operating activities according to direct method? Select one: a. Cash payment for purchase of inventories b. Cash received from debtors c....
-
If a CPA has completed the in-house training program at one of 14 different competitor CPA firms, Stonecutor and Company, CPAs will pay her a $20,000 signing bonus to switchover to working for...
-
Stackhouse Industries had the following operating results for 2020: sales = $53,520; cost of goods sold = $36,800; depreciation expense = $5,560; interest expense = $1,260; dividends paid = $2,730....
-
A motor has large rotors mounted onto its dual output shafts. A design engineer has calculated the static rotor weight to be within the specifications for bearing loading. The motor ships, and on...
-
Pacific, Inc., is a technology consulting firm focused on Web site development and integration of Internet business applications. The president of the company expects to incur $775,000 of indirect...
-
Explain what exactly an executive order is and provide real time example about it ?
-
Indicate whether the following accounts would normally possess a debit or credit balance: (a) Salaries, (b) Debtors, (c) Creditors, (d) Plant and machinery, (e) General reserve, (f) Patents, (g)...
-
Write short notes on the following: (i) Account (ii) Rules of debit and credit (iii) Cost of goods sold (iv) Errors of commission
-
Explain the concept of the good leader.
-
Pick an Organization whichaligns with the triple bottom line . 1. Explain the alignment between these and the strategy of the business. 2. How does this alignment providesthe competitive edge to the...
-
For the function f(x) = (x5 +5), find f1(x).
-
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $ 1 3 0 . Description Units...
-
Megan is an independent lawyer. She performs legal services for her client, a small corporation. In payment for her services, Megan receives shares in the corporation with a market value of $5,000 at...
-
You have been asked to build the following system: A simple Smart Farming App Using loT Technologies. Smart farming is an app built to help the farmer to know the conditions of the soil. The app is...
-
How can out-of-pocket costs and opportunity costs be applied to your personal financial decisions?
-
Big Jim Company sponsored a picnic for employees and purchased a propane grill equipped with a standard-sized propane tank for the picnic. To make sure there was enough propane for all the cooking...
-
Enhanced health benefits for employees, flexible work hours to balance work and family responsibilities, and programs to help employees deal with stress in their lives are ways organizations might...
-
What term is used to describe the worlds supply of natural resources, things like land, water, and minerals? (a) sustainable development (b) global warming (c) climate justice (d) environmental...
-
When a medical device is developed in India so that it can sell at a low price and still deliver high-quality results, and then that device is transferred for sale in the United States also at a low...
-
Your grandmother will be giving you $10,000 every year for the next five years, the first payment beginning at the end of the first year A) If you invest these receivables in a bank at 6%, what is...
-
A company is projecting sales of $100,000 for the next year. Its cost of goods sold is expected to be 60% of sales. Operating expenses are expected to be $25,000. If the company wants to earn a...
-
Refer to the following selected financial information from helpful hardware. Compute the company's days sales in inventory for Year 2 . Merchandise inventory year 2 Year 1 3 2 7 , 6 0 0 2 5 3...
Study smarter with the SolutionInn App