accountancy short review (asa board first dicussion)

SOCI

Statement of comprehensive income

SOCIOE

Statement of changes in owners equity

SOFC

Statement of financial condition

SOCF

Statement of cash flows

4 financial statements

SOCI

SOCIOE

SOFC

SOCF

3 Major types of business

Manufacturing

Merchandising

Service business

4 organizations of business

Sole proprietorship

Partnership

Corporation

Cooperative

3 accounting concepts

Entity concept

Periodicity concept

Stable monetary unit concept

SOCI

SOCIOE

SOCF

Xyz corporation

Statement of ____

For the year ended December 31,2025

SOFC

Xyz corporation

Statement of ____

December 31,2025

Liabilities

are what a person or business owes to others—typically in the form of debts or financial obligations. They are recorded on the balance sheet and can include things like loans, accounts payable, mortgages, or taxes owed. In simple terms:

= What you owe.

Assets

are things you own that have value, like cash, property, or equipment.

Revenue

total income a business earns from its normal activities, like selling products or services, before any expenses are deducted.

Expenses

costs a business has to pay to run its operations, like rent, salaries, and utilities.

Simple definition:

= Money a business spends