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    Felis Concolor's Avatar
    Felis Concolor Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 10, 2008, 03:28 PM
    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 :)
    AdamUTsel's Avatar
    AdamUTsel Posts: 100, Reputation: 2
    Junior Member
    		  
    #2

    Sep 12, 2008, 10:01 AM
    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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