Principles of Accounting

Checks

Currency

Credit

Other paper document

Income Statement

Balance Sheet Liabilities

Balance Sheet Assets

Balance Sheet Equity

Revenues

Owner’s Equity

Liabilities

Assets

cash transaction

credit transaction

black money transaction

hawala transaction

the present value of future benefits

the value of sacrifice made to acquire goods or services

an asset that has given benefit but now expired

the price of products sold or services rendered

A credit to cash

A credit to capital

A debit to notes expense

A credit to notes payable

Total Liabilities x Total Assets

Net Income / Avg. Assets

Net Income / Total Liabilities

Total Liabilities / Total assets

Banking companies

Insurance companies

Investment companies

All of the above

A debit in the cash account and a credit the account of the debtor concerned

A debit in the bank account and a credit in the cash account

A debit in the bank account and a credit in the account of the customer concerned

A debit in the account of the debtor concerned and a credit in the bank account

has a separate legal identity

has no separate legal identity

owners have the ultimate authority

none of the above