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CHAPTER 1 RECORDING TRANSACTION

Accounting:

Accounting records a business’s transactions to produce financial statements such as income statement (IS) and statement of financial position (SFP).

Accounting Equation:

Asset = Capital + Liabilities

Or Capital = Asset – liabilities

Assets:

An asset is a resource controlled by the entity as a result of past events and from which economic benefits are expected to flow to the entity (an inflow cash or other assets).

There are two kinds of asset, current assets and non-current assets.

Current assets are assets that will be sold or consumed within the business’s operating cycle. Normally this means that they will turned into cash within 12 months. For example, inventory, trade receivable, cash, bank…

Non-current assets are assets that are not current assets. For example, property or machinery used by a business over many accounting periods.

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Download  CHAPTER 1 Recording Financial Transaction

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