Accounting- Analyzing Transactions
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This is a great handout to hang on a bulletin board and give to students to help them remember the four steps to apply when analyzing a transaction. The handout is very visually appealing depicting the steps which are:
1. What are the accounts which are to be used?
2. What is the classification of each account- asset, liability, or capital?
3. What is happening to each account- increasing or decreasing?
4. Which account will be debited, credited?
Handout shows the accounting equation- Assets = Liabilities + Owner's Equity. It shows the increase and decrease side and normal balance for different types of accounts. I have an umbrella clip art picture under owner's equity as the temporary accounts (revenue, drawing and expenses) are considered to be under the so called "umbrella" of owner's equity.
This is a must have for all accounting students!
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