Do you want BuboFlash to help you learning these things? Or do you want to add or correct something? Click here to log in or create user.



Tags
#cfa-level-1 #reading-23-financial-reporting-mechanics
Question

If the sum of amounts on the right side of the account is greater than the sum of amounts on the left side of the account, the account has a [...]

Answer
credit balance.

Tags
#cfa-level-1 #reading-23-financial-reporting-mechanics
Question

If the sum of amounts on the right side of the account is greater than the sum of amounts on the left side of the account, the account has a [...]

Answer
?

Tags
#cfa-level-1 #reading-23-financial-reporting-mechanics
Question

If the sum of amounts on the right side of the account is greater than the sum of amounts on the left side of the account, the account has a [...]

Answer
credit balance.
If you want to change selection, open original toplevel document below and click on "Move attachment"

Parent (intermediate) annotation

Open it
of amounts on the right side of the account, the account has a debit balance equal to the difference. If the sum of amounts on the right side of the account is greater than the sum of amounts on the left side of the account, the account has a <span>credit balance. <span><body><html>

Original toplevel document

APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM
the right side of the balance sheet (and accounting equation). Increases to liabilities and owners’ equity are recorded on the right side of a T-account; decreases to liabilities and owners’ equity are recorded on the left side. <span>At any point in time, the balance in an account is determined by summing all the amounts on the left side of the account, summing all the amounts on the right side of the account, and calculating the difference. If the sum of amounts on the left side of the account is greater than the sum of amounts on the right side of the account, the account has a debit balance equal to the difference. If the sum of amounts on the right side of the account is greater than the sum of amounts on the left side of the account, the account has a credit balance. A T-account is created for each asset account, liability account, and owners’ equity account. The collection of these T-accounts at the beginning of the year for a fictitio

Summary

statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Details

No repetitions


Discussion

Do you want to join discussion? Click here to log in or create user.