Billington corporation borrows $80,000 cash from a u.s. bank. this transaction affects the accounting equation Assets would increase by $ 80,000 and liabilities would increase by $ 80,000 (increase)
Accounting, also known as accounting, is the measurement, processing, and communication of financial and non-financial information about economic entities such as firms and enterprises. [1][2] Accounting[3], called the “language of business,” measures the results of an organization’s economic activities and communicates that information to various stakeholders such as investors, creditors, managers, and regulators. [4]. Accounting practitioners are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.
Accounting can be divided into several areas such as financial accounting, business accounting, tax accounting, and cost accounting [5][6]. Financial accounting focuses on reporting an organization's financial information, including the preparation of financial statements, to external users of information such as investors, regulators, and suppliers[7], while operational accounting focuses on measurement. is placed.
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