Questions and Answers
What is the effect of a debit on an Asset account balance?
What is the effect of a credit on a Dividends account balance?
What is the effect of a debit on an Expenses account balance?
What is the effect of a debit on a Liabilities account balance?
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What is the effect of a debit on Stockholders' Equity account balance?
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What is the effect of a debit on Revenues account balance?
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Study Notes
Accounting Principles: Dealor Framework
-
Assets
- Increase account balance with a debit
- Decrease account balance with a credit
-
Dividends
- Increase account balance with a debit
- Decrease account balance with a credit
-
Expenses
- Increase account balance with a debit
- Decrease account balance with a credit
-
Liabilities
- Decrease account balance with a debit
- Increase account balance with a credit
-
Stockholders' Equity
- Decrease account balance with a debit
- Increase account balance with a credit
-
Revenues
- Decrease account balance with a debit
- Increase account balance with a credit
Key Accounting Concepts
- The Dealor framework aids in understanding the effects of debits and credits on various account types.
- Assets, dividends, and expenses generally increase with debits and decrease with credits.
- Liabilities, stockholders' equity, and revenues typically increase with credits and decrease with debits.
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Description
Test your knowledge of accounting concepts with these flashcards covering the effects of various account categories on debit and credit balances. Perfect for ACC 201 students, these cards will help reinforce your understanding of assets, liabilities, dividends, and expenses.
