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11 Cards in this Set
- Front
- Back
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Income Statement |
Shows results of operation |
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Balance Sheet/Statement of Financial Position |
Reports financial position as of a given date |
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Statement of Changes in Equity/Capital |
Shows changes in owner's equity or capital |
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Cash Flow Statement |
Summarizes sources and uses of cash |
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Assets |
What are owned by the firm |
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Liabilities |
What are owned by the firm |
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Capital or Equity |
Owner's claim on the firm's assets |
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Income |
Increase in economic benefit that increases equity |
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Expense |
Decrease in economic benefit that decreases equity |
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Transaction |
Transfer of something of value between 2 entities |
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The Account |
The basic summary device of accounting |
