☛ Asset: What financial institute (bank) or people owe you
☛ Liabilities: It is something you owe people or organization
☛ Equity: It is something you own, for example, the amount of your house loan you paid off
Tell me what are the accounting events that are frequently involved in compound entries?
Tell us how much mathematics knowledge is necessary or required in accounting?
Explain me what is the general classification of accounts that usually ledger account involve?
Can you list out some of the accrued expenses and the accounts in which you would record them?
What is the difference between accumulated depreciation and depreciation expense?
What happens to company’s “Cash Account” if it borrows money from the bank by signing a note payable?
What is liabilities and what all does include in current liabilities?
What are the three factors that can affect your cash flow and business profitability?
What is the difference between depreciation and amortization?
List out some of the examples for liability accounts?
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