Accounting Note Cards.!

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created 10 years ago by KinqqAdrien
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Notecards for Mrs.Wilson's class.
updated 10 years ago by KinqqAdrien
Grade levels:
8th grade
Subjects:
note, cards
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1

What Is Accounting ?

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Accounting is a language, a language that provides information.

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How can accounting help you?

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Accounting can help you by keeping tack of you money. How much you spend and how much you make.

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Status/Shock

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These statements show how the financial status of an organization at one specified instant in time.

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Flow Report

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these statements show the flow of financial info over a period of time.

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Income Statement

also known as Statement of earnings

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Report that shows the flow of revenues.

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Balance Sheet

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A status report that shows information about the organizations resources at a given time.

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Debits

Accounting term that means an entry will be made on the left side of an accounts

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Assets

Things that are resources that are owned by a company and which have future economic value that can be measured.

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(GAAP)

Acronym for Generally Accepted Accounting Principles