Scribd
Upload
50 views3 pages

Week 1 Transaction Analysis Summary

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.

Uploaded by

alexandra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
50 views3 pages

Week 1 Transaction Analysis Summary

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.

Uploaded by

alexandra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 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

You might also like