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Resources, events, agents (REA) is a model of how an accounting system can be re-engineered for the computer age. REA was originally proposed in 1982 by William E. McCarthy as a generalized accounting model, [ 1 ] and contained the concepts of resources, events and agents (McCarthy 1982).
Under the business entity concept, a business holds separate entity and distinct from its owners. "The entity view holds the business 'enterprise to be an institution in its own right separate and distinct from the parties who furnish the funds" [1] An example is a sole trader or proprietorship. The sole trader takes money from the business by ...
The entity–relationship model proposes a technique that produces entity–relationship diagrams (ERDs), which can be employed to capture information about data model entity types, relationships and cardinality. A Crow's foot shows a one-to-many relationship. Alternatively a single line represents a one-to-one relationship. [4]
A sample entity–relationship diagram. One of the most common types of conceptual schemas is the ER (entity–relationship model) diagrams. Attributes in ER diagrams are usually modeled as an oval with the name of the attribute, linked to the entity or relationship that contains the attribute.
Example of a system context diagram. [14] Context diagrams are diagrams that represent the actors outside a system that could interact with that system. [15] This diagram is the highest level view of a system, similar to block diagram, showing a, possibly software-based, system as a whole and its inputs and outputs from/to external factors.
Single-entry bookkeeping, also known as, single-entry accounting, is a method of bookkeeping that relies on a one-sided accounting entry to maintain financial information. . The primary bookkeeping record in single-entry bookkeeping is the cash book, which is similar to a checking account register (in UK: cheque account, current account), except all entries are allocated among several ...
The classification of equity as a distinctive element for classification of accounts is disputable on account of the "entity concept", since for the objective analysis of the financial results of any entity the external liabilities of the entity should not be distinguished from any contribution by the shareholders.
A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms equity [for profit enterprise] or net assets [not-for ...