troduction to Accounting TG 2110: Financial Accounting f Debit (DR) . Credit (CR Accounting is... mune of Business- .. the the planning recording. interpreting, and analyzing of an entity's financial information. anntgonnt 2and,measuremor sy tem , that identifies, records, and communicates andCOlm Pearive bC information about an organization's business activities. (Pg. 4) Five (or 6) Accounting Elements: Financial Normal Define Examples Statement resources an entity that are expected to provide pses, equipment. current and future benefits creditors' claims on an organization's assets; amounts or controlled by leash, supples, fecerables, Assets inventory, prepaid Liabilities quity claim on the assets of a business gross increases in equity from business activities thatincome outflows or using up of assets as art of business operations to generate sales the Revenues Expenses to customers during Cost of Goods Sold the period Four Financial Statements: 1. Statement 2. Statement of -Owner 3. Sheet 4. Statement of 3 Business Activities:Activities Activities Activities ACCT 2110: Spring 2018 Sid C. Bundy