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Accounting Equation
The accounting equation captures the relationship between the three components of a balance sheet: assets, liabilities, and equity. All else being equal, a company's equity will increase when its assets increase, and vice-versa.
- Lecture notes
- • 2 pages •
The accounting equation captures the relationship between the three components of a balance sheet: assets, liabilities, and equity. All else being equal, a company's equity will increase when its assets increase, and vice-versa.
Users of Financial Information
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use
- Lecture notes
- • 2 pages •
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use
Introduction to Accounting
Business accounting is the systematic recording, analysing, interpreting and presenting of financial information. Accounting may be done by one person in a small business, or by different teams in large organisations. Accounting is the way a business keeps track of its operations.
- Lecture notes
- • 3 pages •
Business accounting is the systematic recording, analysing, interpreting and presenting of financial information. Accounting may be done by one person in a small business, or by different teams in large organisations. Accounting is the way a business keeps track of its operations.