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The principle that accurate profit reporting can be done only if all the costs of doing business in a particular period are matched by revenue generated during that peirod

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The goods that a business has available for sale aka inventory

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Accounting is the recording, analyzing, and interpreting economic standings where as book keeping is just a part of the recording process in recording

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The reward that an owner recieves for taking risks.it is the money left over from sales after the cost and expenses of operating a buisness have been paid

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The money a business receives for the products and/or services it sells or from its investment

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Money owed to a business

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Money a business owes

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Profi/loss= Revune- Expenses

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Something that is owed by you example a loan

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The accounting practice of always recording an asset at the actual amount it it cost the business

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Something that's owned by you example property and or cash

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Accountability
Budgeting
Taxation
Financial statements
Annual reports

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When entering assets into a balance sheet the value that it was in when purchaced is what is entered not the current vaule

Ex. If a company owns some trucks the value of the trucks when bought is what'll be entered even if the value of the truck has gone down

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Money owned by the company to its creditors

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The net worth for a business is calculated the same way for individuals
Asset-Liabilities=Owners equity

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When someone gives someone else permission to automatically take money from their bank account on a regular basis

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mo

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Movement of cash in and out of a business.

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money which is owed to the person

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When an asset loses value over time

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Examples of Assets: cash, accounts receivable, supplies, inventory, equipment, buildings, land

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All the costs of a business in a particular time period are matched with the revenue generated during the same period.

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Assets are things a business or person owns

Liabilities are things that a business or person owes

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Are the debts or amounts of wealth a business or person owes to other. For example your parents buy you $300 PlayStation now you owe them back $300.So $300 becomes your liability

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Net income = Revenue - Expenses
Owners Equity = assets - liabilities
Assets = liabilities + owners equity

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Recording the original price, not what it's' worth today

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Something that has value and is owned by a person

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The process of recording , analyzing, and interpreting the economic activities of a business

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Involves Recording, Analysising and Interpreting financial transactions

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Accounting is the process of recording, analyzing, and interoperating , the economic activities of a business 

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Accounting is the process of recording, analyzing, and interoperating , the economic activities of a business 

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1. Fill in the statemental head
2. List assets
3. List liabilities
4. Calculate owners equity
5. Put it all together

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Used to help a business calculate and report its profit or losses. It's more like a movie that shows what happened in a business over time.

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BALANCE SHEETZ

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Last longer than a year

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Keeping financial records based on the principle that any financial transaction will have an impact on a minimum of 2 accounts.