Lesson 1-1 The Accounting Equation

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Presentation transcript:

Lesson 1-1 The Accounting Equation 5/22/2018 LESSON 1-1 The Accounting Equation ASSETS = LIABILITIES + OWNER’S EQUITY

What are assets? Anything of value that is owned Cash Supplies TechKnow Consulting What are assets? Anything of value that is owned Cash Supplies Prepaid Insurance LESSON 1-1

What are Equities? Financial rights to the assets of a business TechKnow Consulting What are Equities? Financial rights to the assets of a business 2 Types of Equities Liabilities: An amount owed by a business Owner’s Equity: Amount remaining after the value of all liabilities is subtracted from the value of all assets LESSON 1-1

THE ACCOUNTING EQUATION Lesson 1-1 5/22/2018 THE ACCOUNTING EQUATION page 8 Accounting Equation must always EQUAL! LESSON 1-1

TERMS REVIEW accounting accounting system accounting records page 9 accounting accounting system accounting records financial statements service business proprietorship asset equities liability owner’s equity accounting equation ethics business ethics LESSON 1-1