True: accounting equation is: assets = liabilities + owners equity, income statement shows: the financial performance of a business over a time period, accrual accounting requires: that revenues and expenses are recorded, the cashflow statement provides: a summary of all cash inflows and outflows, goodwill arises when: a company buys another company for more than its worth, trial balance is: used to ensure that total debts equal total credits, shared capital is: the amount of money a company raises by issuing shares to its owners, False: depreciation is: the increase in the value of an asset over time, a liability represents: a resource owned by the business, inventory is classified as: a long term asset on the balance sheet, a budget is: a record of the actual income and expenses of a company,

Accounting Concepts

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