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ConceptsEdit

Accounting EquationEdit

Assets = Claims Assets =

TransactionsEdit

  • Asset Source Transactions: Increase the amount of assets and increase the amount of claims. (Examples: stocks, borrowing, earnings)
  • Asset Exchange Transactions: Decrease one asset and increase another asset. The total amount of assets doesn't change. (Examples: land)
  • Asset Use Transactions: decrease the amount of of assets and the amount of claims. (Examples: expenses, dividends)

Financial StatementsEdit

  • Income Statement
  • Statement of Changes in Stockholder's Equity
  • Balance Sheet
  • Statement of Cash Flows

GlossaryEdit

  • Assets: The resources used in a business.
  • Income:

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