The process of preparing, reporting, and interpreting accounting information that is provide to external decision makers.

The amount of resources consumed in the process of acquiring and selling goods and services.  It is not limited to those resources used to actually produce the goods and service, it can be supportive resources.  For example, paper clips have nothing to do with producing a widget, but they are still an expense of the

Increases in the values on the left side of the accounting equation (assets) and decreases in the values on the right side of the accounting equation (liabilities and owner’s equity). Accounting equation: assets = liabilities + owner’s equity

Decreases in the values on the left side of the accounting equation (assets) and increases in the values on the right side of the accounting equation (liabilities and owner’s equity). Accounting equation: assets = liabilities + owner’s equity

A form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred, NOT when the money is received or the expense is paid.

An information system for the measurement and reporting of the transformation of resources into goods and services and the sale or transfer of those goods and services to customers.