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accounting netes 1 accounting notes 2 accounting notes 3
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Asset Records Charge for an increase (+) Credit for the Decline (-) Accounts for Liability Charge for an increase (+) Credit for the Decline (-) Equity Accounts of Owners Charge for an increase (+) Credit for the Decline (-) Revenue Tracking Charge for an increase (+) Credit for the Decline (-) Spending Account Charge for an increase (+) Credit for the Decline (-) Owner Cashouts Drawing Funds Charge for an increase (+) Credit for the Decline (-) System for Accounting A planned procedure for gathering financial information and presenting a summary of the findings in accounting records and reports Financial Records Financial reports that summarize a company's finances and operations
Statement of Worth A document that allows the person giving the loan to see the borrower's financial situation on a specific date and decide whether or not to lend to them. Asset Anything that is owned and has value Liability A debt that must be paid Personal Assets The difference between personal assets and personal liabilities Equity The distinction between liabilities and assets