Answer:
Accounting Equation: The accounting equation is a fundamental concept in accounting. It states that assets equal liabilities plus equity. This means that everything a company owns (assets) is either financed by what it owes (liabilities) or by what its owners have put in (equity).
Double-Entry Accounting: Double-entry accounting is a system where every financial transaction has two equal and opposite entries, one on the debit side and one on the credit side. This system is used to ensure that the accounting equation remains balanced.
Financial Statements: Financial statements are reports that show the financial performance and position of a company. The three main financial statements are the balance sheet, income statement, and statement of cash flows.
Recording Transactions: Transactions are recorded in journals, which are then posted to ledgers. Journals record transactions in chronological order, while ledgers organize transactions by account.
Types of Accounts: Accounts can be categorized as assets, liabilities, equity, revenue, and expenses. Assets are resources that a company owns and can use to generate future economic benefits. Liabilities are obligations that a company owes to others. Equity represents the residual interest in the assets of a company after liabilities are deducted. Revenue is money earned by a company from its primary business activities. Expenses are the costs incurred in earning revenue.
These are just a few of the concepts that you may learn in grade 9 accounting. Accounting can be a challenging subject, but with practice and dedication, you can master it.
Step-by-step explanation: