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-   -   Hey I need to know what these terms mean: assets, liabilities and owner's equity, ty! (https://www.askmehelpdesk.com/showthread.php?t=259016)

  • Sep 10, 2008, 03:28 PM
    Felis Concolor
    Hey I need to know what these terms mean: assets, liabilities and owner's equity, ty!
    I have a big assignment and it depends on these words. I have to understand what they are and what this a=l+oe is. Thanks very much for helping :)
  • Sep 12, 2008, 10:01 AM
    AdamUTsel
    The basic accounting equation is the foundation for the double-entry bookkeeping system. It shows how assets were financed: either by borrowing money from someone (liability) or by paying your own money (shareholders' equity).

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