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- What is an ‘account’? How are debits and credits used to record transactions?
- Why are T-accounts used in accounting?
- How do debits and credits impact the T-account?
- What is a chart of accounts?
- Are increases in shareholders’ equity recorded as a debit or credit?
- Are decreases in shareholders’ equity recorded as a debit or credit?
- Summarize the rules for using debits and credits to record assets, expenses, dividends, liabilities, share capital, and revenues.
- What is a trial balance? Why is it prepared?
- How is a trial balance used to prepare financial statements?
- A general journal is often called a book of original entry. Why?
- What is a general ledger? Why is it prepared?
- Explain the posting process.
- What are the steps in the accounting cycle?
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