Topic 1
What happens to an Asset account when it is debited?
It Increases
What happens to an Asset account when it is credited?
It decreases
What happens to a Liability account when it is debited?
It decreases
What happens to a Liabity account when it is credited?
It increases
What happens to an Owner's Equity account when it is debited?
It decreases
What happens to an Owner's Equity account when it is credited?
It increases
What is the Debt Ratio Equation?
Total liabilities/total assets
What is the current ratio equation?
Current assets/current liabilities