Accounting

Five functions of Accounting

Gathering financial information

Preparing and collects permanent records

Rearranging, summarizing and classifying financial information

Preparing information reports and summaries

Establishing controls to promote accuracy and honesty among employees

Types of Businesses

Sole Proprietorship

Partnership

Corporation

General Categories of a Business

Service

Manufacturing

Merchandising

Non-profit Organization

Accounting Cycle

Originating Transaction Data

Journalizing

Posting

Trial Balance

Worksheet

Financial Statements

Closing Statements

Post-closing Trial Balance

Accounting Equation

A= L+OE

Balance Sheets

Assets

Accounts Reicevable

Bank

Supplies

Equipment

Building

Liabilities

Accounts Payable

Mortgage Payable

Bank Loan

Owner's Equity

Capital

GAAPS

Generally Accepted Accounting Principles

IFRS

International Financial Reporting Standards

CICA

Canadian Institute of Chartered Accountants

Ledger

T-account

Debit and Credit

Trial Balance

Source Documents

Business Transactions

Transaction Analysis Sheet