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poa chapter 3: elements of the financial statements and the accounting equation

This class was created by Brainscape user hei chin low. Visit their profile to learn more about the creator.

By: hei chin low
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Decks in this class (4)

3.1 Elements of financial statements
At the end of this chapter, you should be able to: 1. Define assets, liabilities, equity, profit, income and expenses. 2. Give examples of assets, liabilities, income and expenses. 3. Classify accounts according to assets, liabilities, equity, income and expenses. 4. State the accounting equation and calculate the values of assets, liabilities and equity using the accounting equation. 5. Analyse the effects of business transactions on the accounting equation.
52  cards
3.2 What is the accounting equation?
Hom striving for accuracy thinkin...,
What does the accounting equation...,
What does a business need to operate
21  cards
3.3 What are the effects of business transactions on the accounting equation?
1. State the basic accounting equation 2. Calculate the values of assets, liabilities and equity using the accounting equation. 3. Apply the accounting equation to the Balance Sheet 4. Anaylse the effects of accounting transactions on the accounting equation.
22  cards
3.1 Elements of financial statements COPY
At the end of this chapter, you should be able to: 1. Define assets, liabilities, equity, profit, income and expenses. 2. Give examples of assets, liabilities, income and expenses. 3. Classify accounts according to assets, liabilities, equity, income and expenses. 4. State the accounting equation and calculate the values of assets, liabilities and equity using the accounting equation. 5. Analyse the effects of business transactions on the accounting equation.
52  cards

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poa chapter 3: elements of the financial statements and the accounting equation

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