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  • Week 1 Transaction Analysis Summary

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    alexandra
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    This document defines key accounting concepts and double entry accounting rules. It explains that assets increase with debits and decrease with credits, while liabilities increase with credits and decrease with debits. Owners' equity increases with credits and decreases with debits. Income increases with credits and expenses decrease with debits. The document also provides examples of common account types like cash, capital, vehicles and their normal increases or decreases with debits or credits in a double entry accounting system.

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    This document defines key accounting concepts and double entry accounting rules. It explains that assets increase with debits and decrease with credits, while liabilities increase with credits and decrease with debits. Owners' equity increases with credits and decreases with debits. Income increases with credits and expenses decrease with debits. The document also provides examples of common account types like cash, capital, vehicles and their normal increases or decreases with debits or credits in a double entry accounting system.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    18 views3 pages

    Week 1 Transaction Analysis Summary

    Uploaded by

    alexandra
    This document defines key accounting concepts and double entry accounting rules. It explains that assets increase with debits and decrease with credits, while liabilities increase with credits and decrease with debits. Owners' equity increases with credits and decreases with debits. Income increases with credits and expenses decrease with debits. The document also provides examples of common account types like cash, capital, vehicles and their normal increases or decreases with debits or credits in a double entry accounting system.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 3

    ACC10008 Financial Information Systems: Transaction Analysis Summary

    Account Type Definition and Double Entry Accounting Rule

    Element/ Account Type Definition Increase Decrease


    Assets (A) Control by accounting entity, future economic benefits inflow to accounting entity Debit Credit
    Liabilities (L) Present obligation of accounting entity, future economic benefits outflow from accounting entity Credit Debit
    Residual owner’s interest in assets i.e.
    Owner’s Equity (OE) Credit Debit
    = Asset – Liability = Net Assets
    Income (I) Increases in economic benefits, resulting in increase in equity (profit/ loss) Credit Debit
    Expenses (E) Decreases in economic benefits, resulting in decrease in equity (profit/loss) Debit Credit

    Transaction Analysis Summary

    Topic Description/ Account Name Account Type Increase/ Decrease Debit/ Credit Remarks/ Notes
    Question No. in Account Type
    Topic 1/ slide 61 Cash at Bank A Increase/ Decrease Debit/ Credit
    Topic 1/ slide 61 Capital OE Increase/ Decrease Credit/ Debit
    Topic 1/ slide 62 Van (Vehicles) A Increase/ Decrease Debit/ Credit
    Topic 1/ slide 62 Tables (Furniture) A Increase/ Decrease Debit/ Credit
    Topic 1/ slide 63 Supplies A Increase/ Decrease Debit/ Credit Supplies  A, Supplies Expenses (consumed)  E
    Topic 1/ slide 63 Accounts Payable L Increase/ Decrease Credit/ Debit

    Page 1 of 3
    ACC10008 Financial Information Systems: Transaction Analysis Summary

    Topic Description/ Account Name Account Type Increase/ Decrease Debit/ Credit Remarks/ Notes
    Question No. in Account Type

    Page 2 of 3
    ACC10008 Financial Information Systems: Transaction Analysis Summary

    Topic Description/ Account Name Account Type Increase/ Decrease Debit/ Credit Remarks/ Notes
    Question No. in Account Type

    Page 3 of 3

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