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It is the main tool to answer the questions asked by external users.

Creditors use it to evaluate the risks of lending money.

Investors buy or sell stocks based on information derived from managerial accounting.

It is used to produce internal reports to help internal users in their decision making process.

It is used to analyze the company’s ability to fulfill its obligations.

In Accounts Receivable, the company collects cash later than in Notes Receivable.

In Accounts Receivable, customers' promise for future payment is held.

Accounts Receivable is more based on future rental payments than Notes Receivable.

In Notes Receivable, the company collects cash for services it provided.

Notes Receivable is more formal than Accounts Receivable.

Accrued expenses

Deferred expenses

Accrued revenues

Deferred revenues

Matched expenses

Balance sheet

Income statement

Statement of owner’s equity

Cash flow statement

Adjusted trial balance

Unearned Revenue

Accounts Receivable

Accounts Payable

Notes Payable

Notes Receivable

Book value

Residual value

Useful life

Depreciation expense

Depreciable amount

Expenses- Balance Sheet

Supplies- Income Statement

Payables- Income Statement

Revenues- Balance Sheet

Payables- Balance Sheet

Value and usefulness of some assets will increase their value when the business uses them in its operations.

Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life and is used to account for declines in value. Businesses depreciate long-term assets for both tax and accounting purposes.

 Businesses depreciate short-term assets for both tax and accounting purposes.

Businesses depreciate short-term liabilities for both tax and accounting purposes.

Depreciation is the systematic allocation of the expected  amount of an asset and liabilities  over its residual life.

The time-period concept

Revenue recognition principle

Matching principle

Expense recognition principle

Cash basis acoounting

Revenues

Expenses

Contributions by owner(s)

Residual equity

Distributions to owner(s)

Revenue

Expense

Loss

Benefit

Income

Auditing standards

Accounting Standards

Measurement principles

Basic assumptions

Basic accounting equation

A sole proprietorship is that owners of corporation are not personally liable for the debts of the entity

A sole proprietorship is a large company or group of companies authorized to act as a single entity and recognized as such in law.

A sole proprietorship is a form of business where two or more people share ownership.

A sole proprietorship is a business owned and run by one person

A sole proprietorship is a system in which each partner still has unlimited responsibility for all business’s debt

Economic resources that are expected to benefit the business in the future.

Something owned by a business that has a ready market value.

An economic resource representing cash or the right to receive cash in the future.

Something with physical form that’s valued at cost in the accounting records.

The owner’s claims to the assets of the business. 

Income statement, presents the revenues, expenses, and profits/losses generated during the reporting period. 

• Statement of cash flows. 
• Statement of retained earnings.

Financial statements are prepared in order;

• Income statement
• Statement of owner’s equity
• Balance sheet

Business's financial statements are the income statement and the statement of retained earnings.

Begining preparing your financial report by balancing your company's financial holdings and create a statement of the company's income.

Begininig the report with an accounting of the amount of cash the company has brought in or spent.

Accured revenue

Deffered revenue

Accured expense

Deffered expense

Matching principle

Adjusting entries

Preparing adjusted trial balance

Preparing financial statements

Closing entries

Preparing post-closing trial balance

Assets are debts that are owed to creditors

Assets are economic resources that are expected to benefit the business in the future

Assets are the claims of creditors against to assets of the company

Assets the owner’s claims to the assets of the business

Assests are the total assets of an entity, minus its total liabilities
.

An asset

A liability

An owner's equity

A revenue

A net income

Deferred expenses 

Deferred revenues 

Accrued expenses 

Accrued revenues

Depreciable amount