ACC 201

==Concepts==
===Accounting Equation===
Assets = Claims
Assets = 
===Transactions===
*Asset Source Transactions: Increase the amount of assets and increase the amount of claims. (Examples: stocks, borrowing, earnings)
*Asset Exchange Transactions: Decrease one asset and increase another asset. The total amount of assets doesn't change. (Examples: land)
*Asset Use Transactions: decrease the amount of of assets and the amount of claims. (Examples: expenses, dividends)
===Financial Statements===
*Income Statement
*Statement of Changes in Stockholder's Equity
*Balance Sheet
*Statement of Cash Flows
==Glossary==
*Assets: The resources used in a business.
*Income: