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ACC 205 Week 1 DQ Accounting Equation

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ACC 205 Week 1 DQ
ACC 205 Week 1 DQ
Accounting Equation

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ACC 205 Week 1 DQ
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is
the accounting equation true in all instances? Provide sample transactions from your own
experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term “account” mean? What are the dierent classicaons of accounts? How do
the rules for Debits and Credits impact accounts? Please provide an example of how debits and
credits impact accounts.
The Accounting Equation
The Accounting Equation
All aspects of accounting is based off of the fundamental principle of
Assets = liabilities + owners’ equity. Each of these elements has their
own unique function within the accounting equation. In the accounting
equation, each side of the equation balances with the other at all times.
This equation is commonly used on the balance sheet.
Assets
Assets are anything of value that a company owns, which includes cash
as well. Several types of assets exist, such assets are as follows:
Current, investments, capital, and intangible. These assets are all
combined for a company’s total assets. Current assets are assets with
dollar amounts that continually change. Such assets may include cash,
inventory, raw materials, and raw materials. Investments can be owned
by companies which may include securities such as stocks and bonds.
Capital assets are permanent things that a company may own. This

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ACC 205 Week 1 DQ Accounting Equation Accounting Equation As you have learned in this week's readings the Accounting Equation is + Owners' Equity.? Is the accounting equation true in all instances?? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. ? Accounts What does the term "account" mean?? What are the different classifications of accounts?? How do the rules for Debits and Credits impact accounts?? Please provide an example of how debits and credits impact accounts. The Accounting Equation The Accounting Equation All aspects of accounting is based off of the fundamental principle of Assets = liabilities + owners' equity. Each of these elements has their own unique function within the accounting equation. In the accounting equation, each side of the equation balances with the other at all times. This equation is commonly used on the balance sheet. Assets Assets are anything of value that a company owns, which includes cash as well. Several types of assets exist, such assets are as follows: Current, investments, capital, and intangible. These assets are all combined for a company's total assets. Curr ...
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