ACCOUNTING: The Language of Business

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ACCOUNTING: The Language of Business

Business Transactions

Source Documents

- Phone bills - Store receipts - Cheque copies - Purchase orders

A phone bill

The Ledger

Trial Balance

T-Accounts

Debit and Credit theory

Credits

Debits

Transaction Analysis Sheet

GAAPs

Principle of Conservatism

Objectivity Principle

Cost Principle

Continuing Concern Concept

Business Entity Concept

Balance Sheets

Basic Accounting Equation: A = L + OE

Balance Sheet

Owner's Equity

- Sales - Losses - Investments

Liabilities

- Bank Loan - Mortgage - Accounts Payable

Assets

- Land - Bank or Cash - Accounts Receivable - Supplies - Automobile

Types of Businesses

Not-for-profit

Merchandising

Manufacturing

Service

Forms of Business Ownership

Corporation

Partnership

Sole Proprietorship