An Introduction to Accounting (Grade 11 NSC Matric Accounting): Flashcards

A = OE + L (Assets = Owner's Equity + Liabilities)

Record assets at purchase price, maintain original cost

Business is separate from owner; keep transactions separate

Record expenses in same period as income they helped earn

Every transaction affects at least 2 accounts: debit & credit

Debit side (left)

Credit side (right)

List of all ledger accounts showing their balances

Record income/expenses when earned/incurred, not when cash paid

Present transactions in standardised format for analysis