Accounting basics

Expenses

• Debit

• Credit

Sales

• Debit

• Credit

Capital

• Debit

• Credit

Assets

• Debit

• Credit

Liabilities

• Debit

• Credit

Which of the following is considered as asset

• Loan

• Accounts payable

• Suppliers

• Vehicle

Which of the following is considered as obligation

• Accounts receivable

• Inventory

• Notes payable

• Bank

Sales

• Debit

• Credit

Which of the following is the correct accounting equation?

• Liabilities =assets + owner's equity

• Owner's equity = assets + liabilities

• Liabilities = assets - owner's equity