The elements of balance sheet are assets, liabilities and equity. The elements of income statement are revenues and expenses. Assets Assets represent the items that
Tag: Chapter 1
Three common forms of business organizations are sole proprietorship, partnership and corporation. Sole proprietorship is owned and managed by one person. Partnership has more than
Business activities are classified into operating, investing and financing activities. Operating activities Operating activities include the following transactions: Issuance of stock Borrowings from a bank