Unit 13: Accounting

The process of recording financial transactions pertaining to a business

The __________ process includes summarizing, analysing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.

The _________ __________ used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows.

A financial statement that provides information about the cash inflows and outflows of a business over a specific period of time

A statement giving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing

It includes details of how the profit from operations is split up between dividends to shareholders and retained earnings (profit).

a statement showing the difference between the revenues and expenses of a period

The net worth or equity of the company. This is the difference between the value of what a company owns (assets) and what it owes (liabilities).

A statement showing the value of a business's assets, its liabilities, and its capital or shareholders' equity (money the business has that belongs to its owners)

a document that records the income of a business and all costs incurred to earn that income over a period of time