Q1. In its simplest form, an account has only three elements or basic parts. What are these three elements?

Q2. What relationship exists between the position of an account on the balance sheet and rules for recording increase in that account?

Q3. State briefly the rules of debit and credit as applied to assets accounts and as applied to liability and owner's equity accounts?

Q4. Does the term debit mean increase and the term credit means decrease? Explain

Q1. What requirement is imposed by the double entry system in the recording of any business transaction?

Q2. Explain the effect of operation profitable on the balance sheet of a entity?

Q3. Does net income represent a supply of cash that could be withdrawn by the owner of a business? Explain

Q4. What is the meaning of the term revenue? Does the receipt of cash be a business indicate that revenue has been earned? Explain

Q1. What is the meaning of the expense? Does the paymet of cash by a business indicate that an expense has been incurred? Explain

Q2. When do accountants consider revenue to be realized? What basec question about recording revenue in accounting records is answered by the reliazation principle?

Q3. In What accounting period does the matching principle indicate that an expense should be recognized?

Q4. Explain the rules of debit and credit with respect to transactions recorded in revenue and expense accounts?

Q1. What is the purpose of adjusting entries? When are they made, and what is being "adjusted" by adjusting entries?

Q2. How does depreciation expense differ from othe operating expense?

Q3. How does the accrual basis of accounting differ from the cash basis of accounting? Which gives a more accurate picture of the profitability of a business? Explain

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Have you made some attempt to answer these? If so, post them and someone can tell you if you're on the right track. Some of them are tougher, but many of them are the basics you should know in order to even do your homework.

Does net income represent a supply of cash that could be withdrawn by the owner of a business? Explain

Fsehar, please do not tag onto someone else's old post, especially when it's totally unrelated.

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Answer 1. Assets, Liabilities, Owner Equity