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10 questions from this quiz
Assets=Equity+Liabilities\text{Assets} = \text{Equity} + \text{Liabilities}Assets=Equity+Liabilities
Cash, equipment, stock, debtors
Debit increases, credit decreases
Credit balances
Capital, accumulated profits/losses, drawings
Increases equity
Every transaction affects at least 2 accounts
The equation remains balanced after every transaction
As liabilities
Cash Receipts Journal (CRJ)
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