Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

In a double-entry accounting system, a(n) _____ represents the left side of the account.

asset

credit

liability

debit

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Verified step by step guidance

Understand the concept of double-entry accounting: In this system, every transaction affects at least two accounts, and each account has two sides - a debit (left side) and a credit (right side).

Review the definition of 'debit': A debit represents the left side of an account and is used to record increases in assets and expenses or decreases in liabilities, equity, and revenue.

Compare the options provided: Analyze each term (asset, credit, liability, and debit) to determine which one aligns with the definition of the left side of an account.

Eliminate incorrect options: Assets, liabilities, and credits are classifications of accounts, but they do not specifically represent the left side of an account. Debit is the correct term for the left side.

Conclude that in a double-entry accounting system, the term 'debit' represents the left side of the account.