Accounting Concepts Flashcards
1
Q
What is accounting?
A
Accounting is the art of recording, classifying and summarising transactions in terms of money and interpreting results.
2
Q
What is the purpose of accounting?
A
To provide an efficient method of recording transactions.
3
Q
What is the accounting equation?
A
Assets=Owners Equity+Liabilities
4
Q
What are transactions?
A
Transaction is the term used to refer to the buying and selling of goods and services and the transference of money.
