Accounting Basics

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Accounting Equation

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Assets = Liabilities + Owner's Equity

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Accounts

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Collect specific business transactions

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Assets

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Owned company resources with dollar values

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Liabilities

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Money owed by a company

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Stockholder’s (Owner's) Equity

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Value of stockholders’ claims to assets

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Debit

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Left side of the accounting equation (assets)

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Credit

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Right side of the accounting equation (liabilities and equity)

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Chart of Accounts

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Groups the accounts used in a business

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Revenue

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Earnings for work completed or goods delivered

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Expenses

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Payments made to earn revenue