ACCOUNTING:
The Language of Business
Types of
Businesses
Service
Forms of
Business Ownership
Sole Proprietorship
Partnership
Corporation
Manufacturing
Merchandising
Not-for-profit
Balance Sheets
Basic Accounting
Equation:
A = L + OE
Assets
- Land
- Bank or Cash
- Accounts Receivable
- Supplies
- Automobile
Liabilities
- Bank Loan
- Mortgage
- Accounts Payable
Owner's Equity
- Sales
- Losses
- Investments
Balance Sheet
GAAPs
Business
Entity
Concept
Continuing
Concern
Concept
Cost Principle
Objectivity
Principle
Principle of
Conservatism
Transaction
Analysis Sheet
The Ledger
T-Accounts
Debit and
Credit theory
Debits
Credits
Trial Balance
Business Transactions
Source Documents
- Phone bills
- Store receipts
- Cheque copies
- Purchase orders
A phone bill
