s an art of recording, classifying, summarizing, in a significant manners  in terms of  money transactions  and events which are impart at least of a financial characters and interpreting the result thereof.

Is the process of identifying, recording, and communicating financial information to internal and external users. It helps quantify data for easier presentation or interpretation.

Deals with financial information and transactions. Accounting deals only with quantifiable financial transactions. These are only the events identified by the accountant, recorded in the books, and communicated different entities or parties.

As a "language of a business".

Is the exchange of goods and services with a certain amount of money. When there is a value received and value parted with.

What is accounting equation?

Anything that has owned and has value to the business.

The obligations of the business.

The key word for liabilities.

Is the cost of operations that the company incurs to general revenue.

Invested cash and equipment.

Collected cash from the customer

Borrowed money from the bank

Bought furniture and equipment on account

Purchased additional equipment on cash

Paid one-half of the account 

Withdrew cash for personal use

Paid utilities for the month

Owner invested additional cash

Paid the amount borrowed in a bank

Prepaid insurance

Equipment

Accounts receivable

Building

Land

Petty cash fund

Supplies

Loan Payable

Accounts Payable

Furniture and fixture