An economic event or condition that directly changes an entity's financial condition or directly affects its results of operations.

LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics O. Expenses P. Financial accounting Q. Financial Accounting Standards Board (FASB)
R. Generally accepted accounting principles (GAAP)
S. Income statement T. Liabilities U. Managerial accounting V. Managers W. Manufacturing X. Matching concept Y. Merchandising Z. Net income AA. Net loss BB. Objectivity concept CC.
Owner's equity DD. Partnership EE. Prepaid expenses FF. Proprietorship GG. Report form HH Revenue II. Service JJ- Statement of cash flows KK. Statement of owner's equity LL. Unit of measure concept