The five basic elements of accounting are as follows:
- Assets. Assets are the resources which the businesses use to conduct their activities. ...
- Liabilities. Liabilities are a group of items which are obligations to the business. ...
- Expenses. ...
- Revenues. ...
- Owner's equity.
- How do you record distributions to owners? - To record an owner withdrawal, the journal... (Read More)
- Are Distributions an expense? - Cash or stock dividends distributed to shareholders... (Read More)
- What is a distribution in accounting? - A distribution is a company's payment of... (Read More)
- What is distribution on balance sheet? - When cash is distributed to pay a... (Read More)
- What is distribution cost in accounting? - Distribution Cost, also called distribution expenses, are... (Read More)
- What are administrative expenses examples? - Typical items listed as general and administrative... (Read More)
- What is distribution price? - If you are a manufacturer or supplier,... (Read More)
- What are general expenses? - General expenses are the costs a business... (Read More)
- What are admin expenses? - Administration expenses are the costs of paying... (Read More)
- Is general expenses debit or credit? - Recording changes in Income Statement AccountsAccount TypeNormal... (Read More)