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Accounting - Coggle Diagram
Accounting
Important terms
Sales
Purchases
Cost Of Sales
Assets
Liabilities
Who uses Accounting?
Accountants
Financial Advisors
Households
Businesses and Companies
Government Agencies
Accounting in my personal life
Online Banking
Revolut Analytics
Bank Statements
Payslips
Methods of Accounting
Double Entry
Receipts
Income Statement
Trial Balance
What is accounting?
The process of recording financial transactions pertaining to a business
Uses of Accounting
Business
Tracking income and expenditure
Access performance of the business
Indicate Cash Flow
Household
Monitoring expenses
Budgeting
Taxes
What I learned this semester
Realised how to identify if entries go into the debit or credit column
The broader uses of accounting in businesses that goes on behind the scenes
Understanding and learning key accounting terminology