Asset T-account transactions: Increase assets with a debit and decrease with a credit
- Receive outside investment: Debit cash, credit equity
- Receive a loan: Debit cash, credit liability
- Receive refund of expense: Debit cash, credit expense
- Pay bills: Debit accounts payable, credit cash
- Repay loan: Debit liability, credit cash
Accounting Flashcards includes a translate button for English, Chinese, and Spanish.
Learn financial accounting using beautifully illustrated flashcards, coordinated lessons, and rich audio. Whether you are an aspiring CPA or IFRS expert, use this accountancy app to reach your goals. Even an aspiring chartered accountant or those reaching for the CPA Australia can benefit. Topics of accounting standards, equation, terms, ratios, and more are covered.
« Back to Glossary Index