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Specific period of time covered by an accounting statement or report (1 month or year)

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•Results when a business’s expenses are greater than its income

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Results when a business’s income is greater than its expenses.

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•Costs of maintaining and operating a business.

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•Amount of money that a company earns

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•Financial Statement of a business that reports the revenue, expenses and the net income (loss) of a business for the fiscal period.

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•Statement of Changes in Owner’s
Equity

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•Statement of Changes in Owner’s
Equity

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•Financial Statement of a business that reports the changes that have occurred in the owner’s equity account during the fiscal period.

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reports assets liabilities, and owner's equity on a certain date

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written reports that that describe the financial health of a company;prepared regularly on quarterly and annual basis.\
balance sheet
income statement
statement of change in owner's equity

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Assets=Liabilities+owners equity

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Net worth of the business.
Net worth in any asset owed minus any debt owed.
everything you own of significance(your assets)minus what you owe in debts(your liabilities)

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money owed by the business.
EX.
accounts payable
mortgage payable
taxes due
utilities corporation
office supply store

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anything of value owed by the business

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assets
liability
owner equity

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Method of reporting financial activity of a business.
Financial transactions recording in an orderly fashion.