FA 1
Financial Accounting
Financial Accounting
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Set of flashcards Details
| Flashcards | 17 |
|---|---|
| Students | 10 |
| Language | English |
| Category | Finance |
| Level | University |
| Created / Updated | 27.12.2016 / 06.12.2023 |
| Licencing | No Copyright (CC0) |
| Weblink |
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Assets
resources a business owns
Liabilities
claims of those the company owes money
Equity
Claims of owners (Share capital-ordinary + Retained Earnings)
Relationship Assets, liabilities, equity
assets = liabilities + equity
Retained Earnings
revenues - expenses & dividends
Income Statement
presents revenues & expenses & result in net income
Retained Earnings Statement
changes in retained earnings
Statement of financial position
reports assets, liabilities & equity
