GA Virtual Learning: Accounting

the action or process of keeping financial accounts

the steps involved in accounting for all of the business activities during an accounting period

the most fundamental equation of double-entry bookkeeping system, it expresses the relationship between what is owned and what is owed by an entity

a resource with economic value that an individual,corporation,or county owns or controls with that expectation that it will provide future benefit

a liability is defined as an obligation of an entity arising from past transactions or events

owners interest in the assets of a business

relating to or being assets that add to the long term net worth of a corporation

listed on the left hand side or column of an account.Debit affects the balance in the account by adding to the balance

listed on the right hand side or column of an account. Credit affects the balance in the account by taking away from it

income that a company receives from its normal business activities

costs that are matched with revenues

a financial statement that gives operating results for a specific period

a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time

a financial statement that shows the effect of net income and owner withdrawls on the owners interest in the business

financial statement that displays cash inflows and outflows for a period

calculations of elements of a the income statement as a percentage of the net sales or elements of the balance sheet as a percentage of total assets

calculation of the percentage of change between accounting periods for elements of the income statement or balance sheet

measures of a business ability to pay debts in the short term

measures a business ability to use assets to create a profit

measures a businesses ability to pay debt in the long term