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  • Hey there what does accounting mean?
  • Accounting is the system used to record, classify, summarize, and interpret financial data.
  • Nick Koser
  • why are you asking sir? Whats a transaction?
  • I'm asking because I have to do a balance sheet for my company. A Transaction is an activity that affects the finacial condition of a buisness
  • Whats a balance sheet?
  • a balance sheet is a companies proof that accounting equation is balance.
  • Could you explain to me what net income and a net loss is?
  • A net income is where the revenue is greater then the expenses and the net loss is were the expenses are greater than revenue.
  • Whats owner's equity and liability?
  • Owners equity is the owners worth in a company and a liability is money that someone or a company owes to a creditor.
  • Whats a asset?
  • A asset is something of value that a company owns or someone owns control of.
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