What do the following account types fall under DR or CR and under what part of the accounting equation are they entered? I know Assets are a DR and under Assets of course and Liabilities CR under liabilities and Equity CR under SE. But what about Revenue and Expenses

Q: In accounting, what is the distinction between a trial balance and a balance sheet?

A: The balance sheet and income statement are the important financial statements of the business.

Q: Analyze the effects of transactions on the accounting equation

A: Accounting equation:   Accounting equation is an accounting tool expressed in the form of equation,…

Q: What is the difference between a trial balance and a balance sheet in the context of accounting

A: solution concept Trial balance                       Trial balance is a books of account where all…

Q: What are the process of accounting?

A: The question has covered the concept of the process of accounting.

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: What are the objective of any accounting system?

A: The accounting information system is software in which inputs are added in the form of sales or…

Q: How are the income statement and balance sheet connected?

A: Income statement: The financial statement which reports revenue and expenses from business…

Q: Which of the following balance sheet accounts is noncurrent?  A) Accounts Payable  B) Prepaid…

A: The provided options are:A) Accounts Payable B) Prepaid Expenses C) Inventories D) EquityThe…

Q: what are quick assets in accounting?

A: The objective of the question is to understand the concept of quick assets in the field of…

Q: What mean accounting information?

A: The basic concept of Accounting is to Record the transaction which was pertaining in the…

Q: What is meant by normal balance in accounting?

A: Accounting is the process of recording, classifying, posting, analysing and measuring the results…

Q: What are accounting conversion and summaries of the accountinting conversion?

A: Accounting is the process of recording financial transactions that are material to the business. It…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is