Chapter 1 - Accounting in Action

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Undergraduate Financial Accounting Flashcards on Chapter 1 - Accounting in Action, created by Yagnesh on 18/12/2014.
Yagnesh
Flashcards by Yagnesh, updated more than 1 year ago
Yagnesh
Created by Yagnesh almost 10 years ago
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Question Answer
Accounting The information system that identifies, records, and communicates the economic events of an organization to interested users
Assets Resources of a business owner
Balance sheet A financial statement that reports the assets, liabilities, and stockholder's equity of a company at a specific date
Basic Accounting Equation Assets = Liabilities + Stockholder's Equity
Bookkeeping A part of accounting that involves only the recording of economic events
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