Dual effect of a transaction which is also called Double entry bookkeeping. 

Venetian model 

accounting equation

equity of accounts

accounting model

 

Unearned Rent Revenue is. 

Current Assets

Current Liabilities

Income

Expenses

 

Increase in assets may be a result of. 

a decrease in another asset

an increase in liability

an increase in equity

all of those

 

Investment made by the owner will.  

increase both assets and liabilities

decrease both assets and liabilities

increase both assets and owner's equity

decrease both assets and owner's equity

 

The statement of financial position contains the following items EXCEPT. 

 

current assets and non current assets

revenues and expenses

current liabilities and long term liabilities

owner's equity

 

The right side of an account is referred to as.  

debit

credit

balance

footing

The payment of cash to the bank for money borrowed by the business will.  

 

decrease assets and liabilities

decrease assets and owner's equity

increases assets and liabilities

increases assets and owner's equity

 

Factory insurance paid in advance is an example of.  

  

Prepaid expenses

Accrued expenses

Accrued liabilities

Equity

 

The following accounts are likely to be debited ONLY EXCEPT. 

owner's drawing

rent expenses

supplies

taxes and licenses

Answer rating: 100% (QA)

Answer Explanation Answer 1Dual effect of a transaction which is also called Double entry bookkeeping accounting equation Explanation Accounting equat... View the full answer