What is accounting!!!?

17. Transaction -

an instance of buying or selling something; a business deal.

7. Income Statement -

financial statement that reports a company's financial performance over a specific accounting period.

8. Credit -

the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

11. Bookkeeping -

the activity or occupation of keeping records of the financial affairs of a business.

13. Expenses -

the cost required for something; the money spent on something.

10. Liabilities -

the state of being responsible for something, especially by law.

2. Source Documents -

A source document is the original record containing the details to substantiate a transaction entered in an accounting system

1. Accounting Standards -

An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income, expenses, assets and liabilities, and may be in accordance to standards set by the International Accounting Standards Board

5. Cash Flow Statement -

In financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities.

15. Accounting Cycle -

The accounting cycle is the name given to the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.

14. Ledger -

a book or other collection of financial accounts of a particular type.

20. Profit-

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

4. Creditors -

a person or company to whom money is owed.

16. Investors -

a person or organization that puts money into financial schemes, property, etc. with the expectation of achieving a profit.

6. Stockholders -

a shareholder

18. Balance Sheet -

a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

12. Assets -

a useful or valuable thing, person, or quality.

9. Accounting -

is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities.

3. Cash -

money in coins or notes, as distinct from checks, money orders, or credit.

19. Income -

money received, especially on a regular basis, for work or through investments.