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Steph has just started her first semester of studying psychology at university. She hasn't met many people on campus yet but has made a small group of friends in her psychology classes. At lunch time, the group starts chatting about other students around campus. Steph says that 'all engineering students drink a lot, are only interested in sport, and have really bad dress sense'. Steph is showing signs of:
Accounting Equation
The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Equity, representing the financial position of a company.
Cash Account
A cash account is a business or brokerage account that requires the account holder to pay the full amount for securities purchased.
Debiting
The process of recording an entry on the left side of the accounting ledger, indicating an increase in assets or expenses, or a decrease in liabilities, equity, or income.
Consuming Goods
Goods that are used by consumers and are typically expended when used, opposed to durable goods which are designed to last for a prolonged period.
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