An accounting statement shows the financial condition of a business.

Accounting statement shows supplementing the balance sheet. It shows increases or decreases in equity.

These are examples of accounting elements such as Cash, Receivables, Furniture and Fixtures (such as tables, cabinets, chairs, etc.), Office equipment (such as calculators, computers).

These are amounts owed by the business. They are debts or legal obligations of the business to individuals or businesses.

This is the owner's interest or claims in the assets of the business after subtracting the interest of the creditors.

These are withdrawal made by the owner or partners which is not considered as a reduction of capital but rather an advanced distribution of profits.

These are inflows of assets resulting from the sale of goods or services.

These are outflows of assets resulting from cash spent or liability incurred in order to generate revenue.

The book of original entry is called

The book of final entry is called

Who will do the recording of accounting?

The value received by the business or what the business paid for

The value parted with or given up by the business or the source of the value received by the business.

A 12-month period which ends December 31

Any 12-month period which does not end December 31