Question: What is the accounting equation? How does it help an accounting student? What does the acronym ALORE stand for? One of the biggest concepts in

What is the accounting equation? How does it help an accounting student? What does the acronym ALORE stand for? One of the biggest concepts in chapter 2 is normal balances. The normal balance of an account is How does that account increase? I'll try to explain with this hint:

Assets increase with debits

Liabilities increase with credits

Owners Equity aka Stockholders Equity increase with credits

Revenues increase with credits

Expenses increase with debits

Last question, what is a trial balance and its primary purpose?

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