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An account

An credit

An balance

An Ledger

An Journal

Investors

Managers 

Creditors

State

Customers

Assets must always equal the sum of liabilities and owner’s equity

The order and position of the assets, liabilities, and owner’s equity in the equation does not reflect a random situation

The logic of equation is not related to the background of using debits and credits in recording process

Assets are always showed on the left side of the equation

Liabilities and owner’s equity are always showed on the right side of the equation

Assets = Liabilities + Owner’s equity

Assets = Liabilities – Owner’s equity

Assets – Liabilities = Owner’s equity – Expenses

Assets – Owner’s equity = Liabilities – Receivable

Assets = Owner’s euity – Revenues  + Expenses

Adjusting entries do not debit or credit cash.

Adjusting entries update the accounts.

Adjusting entries are necessary every time financial statements are prepared.

Adjusting entries are needed to measure the period’s net income or net loss.

All of the above

identifying financial transactions 

recorded

communicates

keeping a chronological diary of events

bookkeeping

Managerial accountant

Marketing Managers

Regulatory and supervisory authorities

State and trade-unions

Investors and creditors  

The T-Account

Ledger

Chart of accounts

Balance sheet

Income statement

Identifying the financial transactions

Recording the business transactions

Bookkeeping

Classifying transactions

Preparing financial reports

Time period concept

Lİquidity

Accrual basis accounting

Cash basis accounting

The revenue recognition principle

to increase the owner’s equity while owner’s withdrawals and expenses decrease the owner’s equity

to decrease liabilities or owner’s equity following the the total of the investment within the firm

to use appropriate accounts instead of using only minus procedure at the end of the year

to keep the accounting equation in balance by using appropriate accounts instead of using plus and minus procedure.

to increase liabilities or owner’s equity because they are on opposite sides of the equality.

Depreciable amount

Deferred expenses 

Deferred revenues 

Accrued expenses 

Accrued revenues

Depreciable amount 

Investors

Creditors

Managers

Governments

Suppliers

What it would cost to replace the asset

Selling price

Historical cost

Fair value

Relevance

Economic transaction

Accounting

Bookkeeping

Financial statement

Classifying

Net fair value principle or Carrying value principle

Historical cost principle or Fair value principle 

Equivalence value principle or Nominal value principle

Saving value principle or Historical cost principle

Fair Value principle or Nominal value principle

Companies record revenues when they receive the cash and they record expenses when the cash is paid

Companies record revenues when they perform services (rather than when they receive cash) and record expenses when they are incurred (rather than when paid).

Revenue is recorded when earned and expenses are recorded when consumed.

A company should record an expense for estimated bad debts that have not yet been incurred.

The account basis of accounting is the concept of recording revenues when earned and expenses as incurred.

Debit

Credit

Notes receivable

Expenses

Cash

Straight-line depreciation method.

Matching Principle

Revenue recognition principle

The time-period concept

The accumulated depreciation account