Complete the Chart Below

question 28

Essay

Complete the chart below.
For each of the general ledger accounts, identify:
a) the type of account (Asset, Liability, Shareholders Equity, Revenue, or Expense)
b) the effect of an increase (debit or credit)
c) the normal account balance

---

Definitions:

Corporate Form

A legal structure for organizations that allows them to operate as separate legal entities from their owners, with the ability to hold assets, sue, and be sued.

Accounting

Accounting is the systematic practice, work, or process of communicating and recording financial information for a business or individual.

Finance

The management of large amounts of money, especially by governments or large companies, including the processes of investing, borrowing, lending, budgeting, saving, and forecasting.

Stocks and Bonds

Financial instruments that represent ownership in a company (stocks) and debt obligations (bonds), respectively, offering different levels of risk and potential returns.