Editing Financial Accounting (section)

== <span style="color: #FFFFFF;">Remembering</span> ==
* '''Financial Accounting''' — The branch of accounting that tracks a company's financial transactions.
* '''GAAP (Generally Accepted Accounting Principles)''' — The standard framework of guidelines for financial accounting used in the US.
* '''IFRS (International Financial Reporting Standards)''' — The global standard for accounting rules.
* '''The Accounting Equation''' — Assets = Liabilities + Equity. (The core of all accounting).
* '''Asset''' — Something the company owns (e.g., Cash, Buildings, Patents).
* '''Liability''' — Something the company owes (e.g., Loans, Unpaid bills).
* '''Equity''' — The owners' stake in the company (Assets minus Liabilities).
* '''Balance Sheet''' — A "Snapshot" of what the company owns and owes at a specific moment in time.
* '''Income Statement (P&L)''' — A "Video" showing how much money the company made and spent over a period (e.g., a year).
* '''Cash Flow Statement''' — A report showing exactly where the "Physical Cash" went (different from 'Profit').
* '''Accrual Accounting''' — Recording revenue when it is "Earned," not just when the cash hits the bank.
* '''Depreciation''' — Spreading the cost of a large asset (like a truck) over its useful life.
* '''Revenue''' — The total amount of money brought in by sales.
* '''Audit''' — An independent examination of a company's financial statements to ensure they are accurate.
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