Week 3 Notes
Week 3 Notes ACCT 2101
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This 1 page Class Notes was uploaded by ljackson60 Notetaker on Friday February 12, 2016. The Class Notes belongs to ACCT 2101 at Georgia State University taught by Kris J. Clark in Spring 2016. Since its upload, it has received 27 views. For similar materials see Principles of Accounting 1 in Accounting at Georgia State University.
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Date Created: 02/12/16
Louis Jackson Dr. Clark M, W 1:302:45 Principles of Accounting 1 Chapter 3: The Accounting Information System The Accounting Information System A.) Is a system of collecting, processing, and communicating transactions and financial information. B.) Transactions are events that require recording in financial statements C.) When something impacts the accounting information system it has a dual impact on both the left and right of the accounting equation. D.) Transactions impact assets, liabilities, or stockholder’s equity. E.) Stockholder’s equity= Common stock+ retained earnings F.) Retained earnings= RevenueExpensesDividends G.) Unearned service revenue is money that a company receives before they provide a service or product. Accounts A.) Is a record of assets, liabilities, equity, revenue, or expenses B.) Accounts have debits and credits. C.) Credits increase income, revenues, liabilities, and stockholder’s equity. D.) Debits must always equal credits E.) A credit balance is when credits are greater than debits F.) A debit balance is when debits are greater than credits. G.) A normal balance is whatever causes the account to grow larger. H.) Assets, expenses, and dividends increase with debits. I.) Source documents provide evidence that a transaction has taken place.
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