General Ledger, Book Keeping, Income Statement,
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California board of accoutancy license is available on web page: https://www.dca.ca.gov/cba/
What is International Qualification Examination (IQEX) see https://nasba.org/exams/iqex/
or
BASIC ELEMENTS OF FINANCIAL POSITION: THE ACCOUNTING EQUATION
The financial condition or position of a business enterprise is represented by the relationship of assets to liabilities and capital. Assets. Properties used in business that are owned and have monetary value; for instance, cash, inventory, buildings, equipment. Liabilities. Amounts owed to outsiders, such as notes payable, accounts payable, bonds payable. These are known as claims to creditors. Liabilities may also include certain deferred items, such as income taxes to be allocated. Owner’s Equity. The interest of the owners in an enterprise. These three basic elements are connected by a fundamental relationship called the accounting equation. This equation expresses the equality of the assets on one side with the claims of the creditorscreditors and owners on the other side:
Assets = Liabilities + Owner’s Equity
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According to the accounting equation, a firm is assumed to possess its assets subject to the rights of the creditors and owners.
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Example:
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Example
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Example
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Financial Statements
2.1 INTRODUCTION The two principal questions that the owner of a business asks periodically are: (1) What is my net income (profit)? (2) What is my equity? The simple balance of assets against liabilities and owner’s equity, provided by the accounting equation, is insufficient to give complete answers. For (1) we must know the type and amount of income and the type and amount of each expense for the period in question. For (2) it is necessary to obtain the type and amount of each asset, liability, and owner’s equity account at the end of the period.
Diggred from: Lerner, Joel J.. Schaum's Outline of Principles of Accounting I, Fifth Edition (Schaum's Outlines) (pp. 12-13). McGraw Hill LLC. Kindle Edition.
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