-language of business
-Includes the analyzing and recording of all transactions

Does credit go right.?

Most used financial statements are _______ sheets and _______ statements

when a company anaylyses the debts and amount of money spent/earned.

Anything of value owned

Does debit go right?

The _______ decides whether to increase or decrease investment in company

entries are organized debits and credits are balanced debit- left credit right

Income earned for the period

Does each transaction affect two accounts?

the _______ is calculated by subtracting liabilities from assets

entries are posted on a ledger .show a balance of each acount

Claims against assets

A balance sheet for debit only has assets.

_________ is usually derived from the sale of goods and services

list of all accounts and their balances used to creat a financial statement

The different between current assets and current liabilities

Financial statements can go in any order.

The difference between current assets and current liabilities is ________ ________

Use the account balances to create financial statements
Income Statement first
Balance sheet last