1 / 6

THE ACCOUNTING EQUATION

THE ACCOUNTING EQUATION. Lesson 1-1, page 7. T ERMS REVIEW. accounting –Planning, recording analyzing and interpreting financial information accounting system – A planned process for providing financial information that will be useful to management. Lesson 1-1, page 8. T ERMS REVIEW.

joelle-gillespie
Télécharger la présentation

THE ACCOUNTING EQUATION

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. THE ACCOUNTING EQUATION Lesson 1-1, page 7

  2. TERMS REVIEW accounting –Planning, recording analyzing and interpreting financial information accountingsystem – A planned process for providing financial information that will be useful to management Lesson 1-1, page 8

  3. TERMS REVIEW accountingrecords – Organized summaries of a business’s financial activities servicebusiness – A business that performs an activity for a fee proprietorship – a business owned by one person Lesson 1-1, page 8

  4. TERMS REVIEW asset – Anything of value that is owned equities – Financial rights to the assets of a business Lesson 1-1, page 8

  5. TERMS REVIEW liability – An amount owed by a business owner’sequity – The amount remaining after the value of all liabilities is subtracted from the value of all assets Lesson 1-1, page 8

  6. TERMS REVIEW accountingequation – an equation showing the relationship among assets, liabilities, and owner’s equity. Lesson 1-1, page 8

More Related