5967478
Description
Flashcards by Isabel Fish, updated more than 1 year ago
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Created by Isabel Fish
over 7 years ago
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| Question | Answer |
| What is the accounting equation? | Assets = Liabilities + Owners Equity |
| What are assets? | Things you own. Eg, money, car, table, equipment. |
| What are concepts and conventions of financial accounting? | Business entity, money measurement concept, duality, going concern, prudence, realization, accrues, consistency and materially. |
| What is an income statement? | To show the match between expenses and revenue for an accounting period. |
| What is the accounting cycle? | Transaction -> Source Document -> Journal -> Ledger -> Trail Balance -> Adjusted Trail Balance -> Financial Statement which shows - Income statement, balance sheet and statement of cash-flows. |
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