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Flashcards in Subsidiary Books And Ledger Accounts Deck (6)
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0

What does DEADCLIC stand for?

Debit Credit
Expenditure Liabilities
Assets Income
Drawings Capital

1

What are assets?

Resources that are available for use by the business.

2

What are liabilities?

Monies owed by the business.

3

What is capital?

Resources (cash or assets) introduced by the owner to run the business.

4

What are drawings?

Funds withdrawn from the business by the owner for personal use.

5

What is the equation for capital?

CAPITAL=ASSETS-LIABILITIES