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    Glossary Accounting Bookkeeping PDF

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    Nishant Jee
    This document provides definitions for key accounting terms used in an accounting foundations course. It defines an account as a specific record used to categorize similar transactions. It also defines the balance sheet as the main financial statement that lists a company's assets, resources, and liabilities. Additionally, it states the fundamental accounting equation that a company's assets must equal its liabilities plus owner's equity.

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    Glossary Accounting Bookkeeping PDF

    Uploaded by

    Nishant Jee
    22 views1 page
    This document provides definitions for key accounting terms used in an accounting foundations course. It defines an account as a specific record used to categorize similar transactions. It also defines the balance sheet as the main financial statement that lists a company's assets, resources, and liabilities. Additionally, it states the fundamental accounting equation that a company's assets must equal its liabilities plus owner's equity.

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    This document provides definitions for key accounting terms used in an accounting foundations course. It defines an account as a specific record used to categorize similar transactions. It also defines the balance sheet as the main financial statement that lists a company's assets, resources, and liabilities. Additionally, it states the fundamental accounting equation that a company's assets must equal its liabilities plus owner's equity.

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    © All Rights Reserved
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    22 views1 page

    Glossary Accounting Bookkeeping PDF

    Uploaded by

    Nishant Jee
    This document provides definitions for key accounting terms used in an accounting foundations course. It defines an account as a specific record used to categorize similar transactions. It also defines the balance sheet as the main financial statement that lists a company's assets, resources, and liabilities. Additionally, it states the fundamental accounting equation that a company's assets must equal its liabilities plus owner's equity.

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    GLOSSARY

    Accounting Foundations: Bookkeeping

    Jim Stice & Earl Kay Stice

    Use these terms and definitions below to understand concepts taught in the course.

    Transcript Search: note that you can search for terms directly within the course. To search video text, switch to
    the Transcripts tab, then press Cmd/Ctrl + F on your keyboard to run a search within the active transcript.

    Term Definition

    A specific accounting record that provides an efficient way to categorize similar


    account
    transactions

    The mother of all financial statements, providing a list of a company’s assets, its
    balance sheet
    resources, its valuable things like cash, inventory, land, and a company’s liabilities

    financial statements Reports that provide the raw data people use in making financial decisions

    fundamental accounting
    A company’s assets must equal liabilities plus owner’s equity
    equation

    journals Provide a chronological record of all transactions of a business

    resource inflows Increases in resources from the sale of goods or services

    LinkedIn Learning and Lynda.com are registered trademarks of LinkedIn Corporation. All rights reserved, 2018.

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