huuee

- economic resources owned by the business expected for future gain. They are property and rights of value owned by the business

- include debts, obligations to pay, and claims of the creditors on the assets of the business

-Comes from two main sources investment of owners and earnings of the business

-includes the interest of the owners in the business; claims of the owners on the assets of the business ; and investment of the owner plus or minus the results of operations.

the key product or the end product of the accounting

process.

shows the financial condition/ position of a business as of a given period. It consists of the assets,liabilities, and capital.

shows the result of operations for a given period. It consists

of the revenue, cost, and expenses.

shows the changes in the capital or owner's equity as a result of additional investment or withdrawals by the owner, plus or minus the net income or net loss for the year.

summarizes the cash receipts and cash

disbursements for the accounting period

.

refers to the revenues earned or generated by the business in

performing services for a customer or client.