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OBJECTIVES AND DYNAMICS OF ACCOUNTING - Coggle Diagram
OBJECTIVES AND DYNAMICS OF ACCOUNTING
Accounting method
Principles and rules
Recording, measuring and communicating financial information
Double-entry system
Debit
Credit
Faithful representation of the economic and financial situation
Business equity
Share capital
Accumulated results
Reserves
Financial position of the company
Solvency and profitability
Economic situation of the company
Income
Expenses
Assets
Liabilities
Equity
Financial health of the company
Account
Individual record of an accounting element
Debit
Credit
Accounting entries
Double-entry system
Journal and general ledger
Journal
Transactions in chronological order
Date, description, debits and credits
General ledger
Account information
Balance of each account
Preparation of financial statements