Concepts[]
Accounting Equation[]
Assets = Claims Assets =
Transactions[]
- 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 Statements[]
- Income Statement
- Statement of Changes in Stockholder's Equity
- Balance Sheet
- Statement of Cash Flows
Glossary[]
- Assets: The resources used in a business.
- Income: