Short Review

Activity that results in a direct effect on financial status of the business

• Business activity

• Account title

• Capital

• Account payable

Concise description of the accounting equation is necessary

• Business

• Cash

• Account payable

• Account titles

When the business received the money or made payments

• Cash

• Account payable

• Account titles

• Withdrawal

When the business is expecting a payment from the debtor. It increase the asset

• Account payable

• Account titles

• Account receivable

• Capital

The business is expected to a responsibility or dept. Increase liability but decrease it when the dept is paid.

• Account payable

• Account receivable

• Capital

• Withdrawal

When the business expecting a revenue for the provided product or rendered services by the business.

• Sales account

• Sales revenue

• Account payable

• Account receivable

When the business is received the revenue for the provided product or rendered services by the business

• Sales revenue

• Sales account

• Account payable

• Account receivable

When the owner or (investor) deposit (or donate) anything of value to the business. It increase the equity.

• Account payable

• Sales revenue

• Capital

• Withdrawal

When the owner (or investor) deposit (or donate) pulls out a thing of value from the business. It decreases the equity.

• Account titles

• Account payable

• Withdrawal

• Capital

What is the 5 major account?

• account payable, account receivable, account titles, sales account and sales revenue

• Asset, liability, equity, revenue, and expenses

• asset, liability, equity

• Rhea, aizy, Kate, jenny, Aaron