Accounting

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Accounting

  1. 1. Accounting Planning, recording, analyzing, and interpreting financial information.
  2. 2. Asset <ul><li>owned </li></ul>
  3. 3. On Account <ul><li>Will pay later, credit card </li></ul>
  4. 4. Liabilities <ul><li>Owed </li></ul>
  5. 5. Capital <ul><li>Company’s worth </li></ul>
  6. 6. Accounting Equation <ul><li>ASSETS=Liabilities + Capital </li></ul>
  7. 7. Proprietorship <ul><li>Business owned by one person </li></ul>
  8. 8. Balance Sheet <ul><li>Financial Statement </li></ul><ul><li>States the assets, liabilities, and capital on a specific date. </li></ul>
  9. 9. Revenue <ul><li>Increase in Capital resulting from the operations of a business. </li></ul>
  10. 10. Expense <ul><li>Decrease in Capital resulting from the operations of a business. </li></ul>

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