Seekh Logo

AI-powered learning platform providing comprehensive practice questions, detailed explanations, and interactive study tools across multiple subjects.

Explore Subjects

Sciences
  • Astronomy
  • Biology
  • Chemistry
  • Physics
Humanities
  • Psychology
  • History
  • Philosophy

Learning Tools

  • Study Library
  • Practice Quizzes
  • Flashcards
  • Study Summaries
  • Q&A Bank
  • PDF to Quiz Converter
  • Video Summarizer
  • Smart Flashcards

Support

  • Help Center
  • Contact Us
  • Privacy Policy
  • Terms of Service
  • Pricing

© 2025 Seekh Education. All rights reserved.

Seekh Logo
HomeHomework HelpeconomicsEconomic Events and Accounting

Economic Events and Accounting

The concept of economic events that affect a company's financial position, including external and internal events, and the accounting equation that underlies the process of capturing the effect of these events, which states that Assets equals Liabilities plus Shareholders' Equity

beginner
2 hours
Economics
0 views this week
Study FlashcardsQuick Summary
0

Overview

Economic events are crucial for understanding how businesses operate and maintain their financial health. These events, which include transactions like sales and purchases, directly affect the accounting equation: Assets = Liabilities + Equity. This equation is fundamental in accounting, ensuring th...

Quick Links

Study FlashcardsQuick SummaryPractice Questions

Key Terms

Assets
Resources owned by a company that have economic value.

Example: Cash, inventory, and property.

Liabilities
Obligations or debts that a company owes to others.

Example: Loans and accounts payable.

Equity
The owner's claim on the assets of the business after liabilities are deducted.

Example: Common stock and retained earnings.

Transaction
An economic event that affects the financial position of a business.

Example: Selling a product for cash.

Financial Statements
Reports that summarize the financial performance and position of a business.

Example: Balance sheet and income statement.

Revenue
Income generated from normal business operations.

Example: Sales revenue from products sold.

Related Topics

Financial Statements
Understanding how to read and interpret financial statements is crucial for analyzing a company's performance.
intermediate
Budgeting
Learning how to create and manage a budget helps in planning and controlling financial resources.
intermediate
Investment Analysis
Analyzing investments requires knowledge of economic events and their impact on financial returns.
advanced

Key Concepts

Accounting EquationAssetsLiabilitiesEquity