It is defined as the systematic and chronological recording of business transactions.

It is the language of business as it is communicating the financial statements to the users.

It means writing down of business transactions in the journals or in the official book of accounts.

It is engaged in analyzing the financial statements.

It is grouping of the entries recorded in the books of accounts and the preparation of financial statements.

The first phase of accounting is bookkeeping.

Business transactions are everyday transactions that keep the business running, such as sales and purchases, rent for office space, and other expenses.

These are economic resources owned by the business expected for future gain.

These includes debts, obligation to pay, and claims of the creditors on the assets of the business.

This includes the interest or rights of the owners on the business, claims of the owners on the assets of the business.

Investments and earnings of the business decreases the Owner's Equity

Expenses and withdrawals of the business increases the Owner's Equity

is a word used to described the transaction, which is generally accepted and understood by the general user of financial statement.

is a list of accounts used by a company to define each class of items of which money or its equivalent that is spent or received.

The earnings of the business through selling of goods and services.

The users of financial statement to check on the paying capacity of their debtors.

The user of financial statement to examine and inspect the correctness of the payment of taxes.

The book of original entry

An accounting principle states that a bookkeeper should record the transactions at the amount that have actually paid for.

The account represents the rental payments of the business.

Expenses arising from electricity, water, and telephone expenses.

A revenue account for merchandising business that is used in selling merchandise.

The cost of promotion and advertising the products or services of the business.