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Title: Accounting and Finnance Notes
Description: The are middle school level Accounting and finance notes they explain what is accounting,transactions,and income statements.These are three pages long.
Description: The are middle school level Accounting and finance notes they explain what is accounting,transactions,and income statements.These are three pages long.
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What is Accounting
❖ Method of reporting financial activity of a business
● Financial transitions recorded in an
orderly fashion
Transactions
❖ Any business activity that changes assets liabilities or owner's equity
Accounting equation
Assets=Liabilities+owner's equity
❖ Assetsanything of value owned by the business
●
●
●
●
Company cars
Office building
office furniture
cash accounts
❖ Account receivableguaranteed money that is owed to you but you do not
currently have it in your own possession
❖ Liabilitymoney that is owed by the business
● Taxes due
● office supply store
● utilities corporation
❖ Owner equityNet value or net worth of a business
❖ Financial statementwritten reports that describe the financial health of the
company
●
●
❖
❖
★
Balance sheet
Income statement
Balance sheetreports assets liabilities and owners equity on a certain date
Owners equitynet worth of the business
Assets on the trial balance will always be debited (always be in debt colum)
Income Statement
Financial Statement of a business that reports the revenue, expenses and the net income
(loss) of a business for the fiscal period
...
❖ Loss
Results when a business’s expenses are greater than its income
...
Example of Income Statement
Statement of Changes in Owner’s Equity
Financial Statement of a business that reports the
changes
that have occurred in thewner’s
o
equityccounturing the fiscal period
...
net/
Title: Accounting and Finnance Notes
Description: The are middle school level Accounting and finance notes they explain what is accounting,transactions,and income statements.These are three pages long.
Description: The are middle school level Accounting and finance notes they explain what is accounting,transactions,and income statements.These are three pages long.