PoA

it is defined as art or recording business transactions action in a particular mannar

it is defined as the recording, measuring, analysing and interpreting of business transactions

it is any activity involving the firm where values are exchanged.

it is an organization of economic resources that is used to provide goods and services for profit

Internal- Owners/ Managers, Employees, Supervisors. External- Costumers, Government, Social Group, Suppliers

Entity Concept- state that the firm is a separate entity from the owners.

An account is the place where a particular business transaction is recorded

A=C+L C=A-L L=A-C

The accounting is shown in a statement called the balance sheet

it is a financial statement that reports assets, liability, capital in meaningful subcategories

Current Assets minus Current Liabilities= Working Capital

Journal entries ~ Ledgers Accounts~ Unadjusted Trial Balance ~ Adjust Entries ~ Financial Statement ~ Closing bookset Account. The Accounting Cycle shows the Period in which a business operates in its financial year