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Accounting /Accounting 101 Basics

Accounting 101 Basics

Accounting9 CardsCreated about 2 months ago

This deck covers the fundamental concepts of accounting, including the accounting equation, financial statements, and the accounting process.

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What is the purpose of accounting?

Accounting systematically records, interprets, and reports financial information to help with strategic planning, pricing, and sales.
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Key Terms

Term
Definition
What is the purpose of accounting?
Accounting systematically records, interprets, and reports financial information to help with strategic planning, pricing, and sales.
What is the accounting equation?
Assets = Liabilities + Equity
What are assets in accounting?
Assets are what a business owns, such as cash, inventory, and property.
What are liabilities in accounting?
Liabilities are what a business owes to others, including loans and accounts payable.
What is the balance sheet in accounting?
The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.
What is the income statement in accounting?
The income statement shows a company's revenues, expenses, and profitability over a period.
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Accounting 101 Basics
TermDefinition
What is the purpose of accounting?
Accounting systematically records, interprets, and reports financial information to help with strategic planning, pricing, and sales.
What is the accounting equation?
Assets = Liabilities + Equity
What are assets in accounting?
Assets are what a business owns, such as cash, inventory, and property.
What are liabilities in accounting?
Liabilities are what a business owes to others, including loans and accounts payable.
What is the balance sheet in accounting?
The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.
What is the income statement in accounting?
The income statement shows a company's revenues, expenses, and profitability over a period.
What is double-entry accounting?
Double-entry accounting is a system where every financial transaction affects at least two accounts, with total debits equaling total credits for each transaction.
What are debits and credits in accounting?
Debits and credits are the core components of the double-entry system, with total debits always equaling total credits for each transaction.
What is the accounting process?
The accounting process includes recording transactions, posting to the ledger, preparing a trial balance, adjusting accounts, preparing financial statements, and closing accounts.