{"id":3242,"date":"2023-02-19T16:12:11","date_gmt":"2023-02-19T16:12:11","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/financial-statements\/"},"modified":"2025-05-28T14:24:49","modified_gmt":"2025-05-28T14:24:49","slug":"financial-statements","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/financial-statements\/","title":{"raw":"Learn It 16.2.1: Financial Statements","rendered":"Learn It 16.2.1: Financial Statements"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what the accounting equation is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what the accounting equation is<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what an income statement is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what an income statement is<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what a statement of owner's equity is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a statement of owner's equity is<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what a balance sheet is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a balance sheet is<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand a statement of cash flows is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a statement of cash flows is<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Financial Statements<\/h2>\r\n<p><strong>Financial statements<\/strong> are reports that summarize and communicate information obtained from day-to-day bookkeeping activities. After all of the income and expenses of the business have been recorded, financial accountants prepare financial statements in the following order:<\/p>\r\n<ol>\r\n\t<li>Income Statement<\/li>\r\n\t<li>Statement of Retained Earnings\u2014also called Statement of Owner's Equity<\/li>\r\n\t<li>The Balance Sheet<\/li>\r\n\t<li>The Statement of Cash Flows<\/li>\r\n<\/ol>\r\n<h2>The Accounting Equation<\/h2>\r\n<section class=\"textbox keyTakeaway\">\r\n<h3>the accounting equation<\/h3>\r\n<p style=\"text-align: center;\"><strong>Assets = Liabilities + Owner's Equity<\/strong><\/p>\r\n<p>&nbsp;<\/p>\r\n<ul>\r\n\t<li><strong>Assets:<\/strong> Things of value owned by the organization<\/li>\r\n\t<li><strong>Liabilities: <\/strong>The organization's debts<\/li>\r\n\t<li><strong>Owner's equity<\/strong><strong>:<\/strong> The total amount of investment in the organization minus the liabilities<\/li>\r\n<\/ul>\r\n<\/section>\r\n<p>The accounting equation represents the relationship between assets, liabilities, and the owner's equity of a business. It can be calculated at any point in time using information from the balance sheet, which we will discuss later. It's the foundation for the double-entry accounting system, accepted to be the most reliable and accurate method of recording the financial transactions of a business.<\/p>\r\n<ul>\r\n\t<li><strong>Assets<\/strong> may be anything tangible or intangible that can be owned or controlled to produce value. Tangible assets are things like cash, equipment, and buildings. Intangible assets are things like patents and trademarks.<\/li>\r\n\t<li><strong>Liabilities<\/strong> are debts, or what the organization owes to its creditors. Liabilities include things like loans and monies owed to suppliers.<\/li>\r\n\t<li><strong>Owner's equity<\/strong> is the difference between the value of the assets and the amount of the liabilities. It is also sometimes called <strong>net worth<\/strong>. When the owners are shareholders, the interest can be called <strong>shareholders' equity<\/strong>; the accounting remains the same, and it is ownership equity spread out among shareholders.<\/li>\r\n<\/ul>\r\n<section class=\"textbox proTip\">\r\n<h3>Double-Entry Bookkeeping<\/h3>\r\n<p id=\"fs-idm372063568\">The accounting equation must always be in balance (that is, the total of the elements on one side of the equals sign must equal the total on the other side). Suppose you start a coffee shop and put $10,000 in cash into the business. At that point, the business has assets of $10,000 and no liabilities. This would be the accounting equation:<\/p>\r\n<math display=\"block\"><semantics><mrow><mrow><mtable columnalign=\"left\"><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>Assets<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>=<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Liabilities<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Owners' equity<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$0<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext><\/mtext><\/mrow><\/mtd><\/mtr><\/mtable><\/mrow><\/mrow><\/semantics><\/math>\r\n<p id=\"fs-idm371539712\">The liabilities are zero and owners\u2019 equity (the amount of your investment in the business) is $10,000. The equation balances.<\/p>\r\n<p id=\"fs-idm373796352\">To keep the accounting equation in balance, every transaction must be recorded as two entries. As each transaction is recorded, there is an equal and opposite event so that two accounts or records are changed. This method is called\u00a0<strong><span id=\"term-00004\" data-type=\"term\">double-entry bookkeeping<\/span><\/strong>.<\/p>\r\n<p id=\"fs-idm381627712\">Suppose that after starting your business with $10,000 cash, you borrow another $10,000 from the bank. The accounting equation will change as follows:<\/p>\r\n<div id=\"fs-idm385298960\" class=\"unnumbered\" data-type=\"equation\" data-label=\"\">\r\n<div class=\"MathJax_Display\">\r\n<math display=\"block\"><semantics><mrow><mrow><mtable columnalign=\"left\"><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>Assets<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>=<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Liabilities<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Owners' equity<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$0<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Initial equation<\/mtext><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$0<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Borrowing transaction<\/mtext><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$20,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Equation after borrowing<\/mtext><\/mrow><\/mtd><\/mtr><\/mtable><\/mrow><\/mrow><\/semantics><\/math>\r\n<\/div>\r\n<div>\u00a0<\/div>\r\n<\/div>\r\n<p id=\"fs-idm380887808\">Now you have $20,000 in assets\u2014your $10,000 in cash and the $10,000 loan proceeds from the bank. The bank loan is also recorded as a liability of $10,000 because it\u2019s a debt you must repay. Making two entries keeps the equation in balance.<\/p>\r\n<\/section>\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"350\"]8601[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what the accounting equation is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what the accounting equation is<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what an income statement is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what an income statement is<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what a statement of owner's equity is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a statement of owner&#8217;s equity is<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what a balance sheet is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a balance sheet is<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand a statement of cash flows is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a statement of cash flows is<\/span><\/li>\n<\/ul>\n<\/section>\n<h2>Financial Statements<\/h2>\n<p><strong>Financial statements<\/strong> are reports that summarize and communicate information obtained from day-to-day bookkeeping activities. After all of the income and expenses of the business have been recorded, financial accountants prepare financial statements in the following order:<\/p>\n<ol>\n<li>Income Statement<\/li>\n<li>Statement of Retained Earnings\u2014also called Statement of Owner&#8217;s Equity<\/li>\n<li>The Balance Sheet<\/li>\n<li>The Statement of Cash Flows<\/li>\n<\/ol>\n<h2>The Accounting Equation<\/h2>\n<section class=\"textbox keyTakeaway\">\n<h3>the accounting equation<\/h3>\n<p style=\"text-align: center;\"><strong>Assets = Liabilities + Owner&#8217;s Equity<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Assets:<\/strong> Things of value owned by the organization<\/li>\n<li><strong>Liabilities: <\/strong>The organization&#8217;s debts<\/li>\n<li><strong>Owner&#8217;s equity<\/strong><strong>:<\/strong> The total amount of investment in the organization minus the liabilities<\/li>\n<\/ul>\n<\/section>\n<p>The accounting equation represents the relationship between assets, liabilities, and the owner&#8217;s equity of a business. It can be calculated at any point in time using information from the balance sheet, which we will discuss later. It&#8217;s the foundation for the double-entry accounting system, accepted to be the most reliable and accurate method of recording the financial transactions of a business.<\/p>\n<ul>\n<li><strong>Assets<\/strong> may be anything tangible or intangible that can be owned or controlled to produce value. Tangible assets are things like cash, equipment, and buildings. Intangible assets are things like patents and trademarks.<\/li>\n<li><strong>Liabilities<\/strong> are debts, or what the organization owes to its creditors. Liabilities include things like loans and monies owed to suppliers.<\/li>\n<li><strong>Owner&#8217;s equity<\/strong> is the difference between the value of the assets and the amount of the liabilities. It is also sometimes called <strong>net worth<\/strong>. When the owners are shareholders, the interest can be called <strong>shareholders&#8217; equity<\/strong>; the accounting remains the same, and it is ownership equity spread out among shareholders.<\/li>\n<\/ul>\n<section class=\"textbox proTip\">\n<h3>Double-Entry Bookkeeping<\/h3>\n<p id=\"fs-idm372063568\">The accounting equation must always be in balance (that is, the total of the elements on one side of the equals sign must equal the total on the other side). Suppose you start a coffee shop and put $10,000 in cash into the business. At that point, the business has assets of $10,000 and no liabilities. This would be the accounting equation:<\/p>\n<p><math display=\"block\"><semantics><mrow><mrow><mtable columnalign=\"left\"><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>Assets<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>=<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Liabilities<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Owners&#8217; equity<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$0<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext><\/mtext><\/mrow><\/mtd><\/mtr><\/mtable><\/mrow><\/mrow><\/semantics><\/math><\/p>\n<p id=\"fs-idm371539712\">The liabilities are zero and owners\u2019 equity (the amount of your investment in the business) is $10,000. The equation balances.<\/p>\n<p id=\"fs-idm373796352\">To keep the accounting equation in balance, every transaction must be recorded as two entries. As each transaction is recorded, there is an equal and opposite event so that two accounts or records are changed. This method is called\u00a0<strong><span id=\"term-00004\" data-type=\"term\">double-entry bookkeeping<\/span><\/strong>.<\/p>\n<p id=\"fs-idm381627712\">Suppose that after starting your business with $10,000 cash, you borrow another $10,000 from the bank. The accounting equation will change as follows:<\/p>\n<div id=\"fs-idm385298960\" class=\"unnumbered\" data-type=\"equation\" data-label=\"\">\n<div class=\"MathJax_Display\">\n<math display=\"block\"><semantics><mrow><mrow><mtable columnalign=\"left\"><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>Assets<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>=<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Liabilities<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Owners&#8217; equity<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$0<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Initial equation<\/mtext><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$0<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Borrowing transaction<\/mtext><\/mrow><\/mtd><\/mtr><mtr columnalign=\"left\"><mtd columnalign=\"left\"><mrow><mtext>$20,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mtext>=<\/mtext><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mo>+<\/mo><\/mtd><mtd columnalign=\"left\"><mrow><mtext>$10,000<\/mtext><\/mrow><\/mtd><mtd columnalign=\"left\"><mrow><mtext>Equation after borrowing<\/mtext><\/mrow><\/mtd><\/mtr><\/mtable><\/mrow><\/mrow><\/semantics><\/math>\n<\/div>\n<div>\u00a0<\/div>\n<\/div>\n<p id=\"fs-idm380887808\">Now you have $20,000 in assets\u2014your $10,000 in cash and the $10,000 loan proceeds from the bank. The bank loan is also recorded as a liability of $10,000 because it\u2019s a debt you must repay. Making two entries keeps the equation in balance.<\/p>\n<\/section>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm8601\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=8601&theme=lumen&iframe_resize_id=ohm8601&source=tnh&show_question_numbers\" width=\"100%\" height=\"350\"><\/iframe><\/section>\n","protected":false},"author":21,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Financial Statements from Financial Accounting\",\"author\":\"Debbie Porter and Lumen Learning\",\"organization\":\"\",\"url\":\"https:\/\/courses.lumenlearning.com\/finaccounting\/chapter\/financial-statements\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"14.3 Basic Accounting Procedures\",\"author\":\"Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt\",\"organization\":\"OpenStax\",\"url\":\"https:\/\/openstax.org\/books\/introduction-business\/pages\/14-3-basic-accounting-procedures\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Access for free at https:\/\/openstax.org\/books\/introduction-business\/pages\/1-introduction\"},{\"type\":\"original\",\"description\":\"Practice Questions\",\"author\":\"Nina Burokas\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":3231,"module-header":"learn_it","content_attributions":[{"type":"cc","description":"Financial Statements from Financial Accounting","author":"Debbie Porter and Lumen Learning","organization":"","url":"https:\/\/courses.lumenlearning.com\/finaccounting\/chapter\/financial-statements\/","project":"","license":"cc-by","license_terms":""},{"type":"original","description":"14.3 Basic Accounting Procedures","author":"Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt","organization":"OpenStax","url":"https:\/\/openstax.org\/books\/introduction-business\/pages\/14-3-basic-accounting-procedures","project":"","license":"cc-by","license_terms":"Access for free at https:\/\/openstax.org\/books\/introduction-business\/pages\/1-introduction"},{"type":"original","description":"Practice Questions","author":"Nina Burokas","organization":"Lumen Learning","url":"","project":"","license":"cc-by","license_terms":""}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/3242"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/users\/21"}],"version-history":[{"count":14,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/3242\/revisions"}],"predecessor-version":[{"id":9754,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/3242\/revisions\/9754"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/3231"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/3242\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/media?parent=3242"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=3242"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=3242"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/license?post=3242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}