Accounting Basics Essential Terms & Definitions for Economics Lecture Notes Study Material 2025/ 2026

Accounting Basics_ Essential Terms & Definitions for Economics
Accounting
– Lecture
Basics_Notes
Essential
_ Study
Terms
Material.pdf
& Definitions for Economics
Accounting
– Lecture
Basics_Notes
Essential
_ Study
Terms
Material.pdf
& Definitions for Economics – Lecture Notes _ Study Material.pdf




1. Accounting
Basics: Essential
Terms & Definitions
for Economics –
Lecture Notes / Study
Material



Accounting Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Basics_ Essential Terms & Definitions for Economics
Accounting
– Lecture
Basics_Notes
Essential
_ Study
Terms
Material.pdf
& Definitions for Economics
Accounting
– Lecture
Basics_Notes
Essential
_ Study
Terms
Material.pdf
& Definitions for Economics – Lecture Notes _ Study Material.pdf

, Accounting Basics_ Essential Terms & Definitions for Economics.pdf Accounting Basics_ Essential Terms & Definitions for Economics.pdf Accounting Basics_ Essential Terms & Definitions for Economics.pdf



Terms in this set (24)



Cash Basis Accounting Reporting income when the cash is received and expenses when the
cash is paid.


Accrural basis accounting reporting income when it is earned and expenses when they are
incurred


Basic Accounting Equation Assets = Liabilities + Owner's Equity


Expanded Accounting Equation Assets = Liabilities + Owner's Capital - Owner's Drawings + Revenues -
Expenses


drawing account Assets taken from the business for the owner's personal use. (Also
known as withdrawals or dividends)


Owner's Equity the owner's claims to the assets of the business



Accounting Basics_ Essential Terms & Definitions for Economics.pdf Accounting Basics_ Essential Terms & Definitions for Economics.pdf Accounting Basics_ Essential Terms & Definitions for Economics.pdf