Accounting
Home	Schedule	Syllabus

I. The Nature of Accounting

A. Accounting is the process of:

 

 

B. GAAP Rules

II. Balance Sheet

A. Sections of Balance Sheet

 

1. Assets

2. Liabilities

 

3. Shareholders' Equity

 

B. The Accounting Equation: Assets = Liabilities + Owners' Equity

C. Double-Entry Bookkeeping

III. Income Statement (profit/loss statement)

A. Sales Revenue - Expenses = Profit (loss)

B. Accrual Basis

C. Gross Profit (or Gross Margin)

D. Net Profit