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Accounting - Coggle Diagram
Accounting
Accounting is the collecting and recording of financial data (inputs) to produce (process) and report financial information (outputs) to assist with decision making.
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Accounting Assumptions
Period Assumption
The economic life of a business entity can be divided into artificial time periods.
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Accounting Reports
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Balance Sheet
A financial statement (must be balanced on either side) that reports assets, liabilities, and owner's equity.
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