Accounting Unit by Abby Richardson https://padlet.com/student63447/ownfqppe2cfp Abby Richardson en-us 2017-08-08 18:57:03 UTC 2017-08-09 19:04:40 UTC hello@padlet.com 1.What is the Basic Accounting Equation? student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180516385 Assets - Liabilities = Owners Equity ]]> 2017-08-09 18:44:07 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180516385 2. What is the purpose of Accounting? student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180516580 The Purpose is Recording and Reporting Accounts.]]> 2017-08-09 18:45:36 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180516580 3. Define the Term Assets student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180516810 Asset- Anything of value that is owned.
Such as Jewelry or a Gaming Platform]]> 2017-08-09 18:47:18 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180516810 4. Define the term Liabilities student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180517022 Liability- An amount that is owed is called a liability. 
Such as Debt, Loans]]> 2017-08-09 18:49:04 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180517022 5. Define the term Owner's Equity student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180517113 Equity is the difference between Assets and Liabilities]]> 2017-08-09 18:50:07 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180517113 6. Give a Simplified version of the accounting formula student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180517250 Assets - Liabilities = Net worth]]> 2017-08-09 18:51:31 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180517250 7. Define the term Debit student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180517335 Accounts on the left of T- Account are Debits and are to be Debited.]]> 2017-08-09 18:52:25 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180517335 8. Define the term Credit student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180517489 Accounts on the right of the T-Account are Credits and are to be Credited]]> 2017-08-09 18:54:26 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180517489 9. Explain the purpose of a balance sheet student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180517604 The purpose of the Balance sheet is to show users the idea of the Company's financial position along with what the company owns and owes]]> 2017-08-09 18:55:38 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180517604 10. Explain the purpose of a Income statement student63447 https://padlet.com/student63447/ownfqppe2cfp/wish/180517719 The purpose of an Income statement is to Show Managers and Investors where they made or lost money during specific periods.]]> 2017-08-09 18:56:05 UTC https://padlet.com/student63447/ownfqppe2cfp/wish/180517719