FABM2
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Last updated 5:25 AM on 6/17/25
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4 Terms
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What is Accounting?
Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information.
2
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What is Bookkeeping?
Bookkeeping is the process of recording financial transactions.
3
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What is an Income Statement?
It is a financial statement that reports a company's financial performance over a specific period. It presents the revenues, expenses, and the resulting net income or net loss.
4
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What is the Accounting Equation?
Assets = Liabilities + Owner's Equity
Note 
Flashcards (82)