Ask Experts Questions for FREE Help !
Ask
    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).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Assets, Liabilities and equity [ 4 Answers ]

I need to know if this is correct, if its not an explanation would be great :) I'm not an accounting student, just taking it for GE and I'm just confused.. Indicate where each tansaction causes an increase (+), decrease (-) or no change (NC) in assets, liabilities and equity (type of...

Assets liabilities owner's equity [ 1 Answers ]

Question 2: Indicate whether each transaction caused an increase (+), a decrease (-), or no change (NC) In assets, liabilities, and owner's equity: Owner's Assets Liabilities Equity a. withdrawal of cash by owner b. purchase of an asset for cash c. purchase of an asset on account d....

Assets=Liabilities+Stockholders' Equity [ 1 Answers ]

In what category would the following go under Received $12,000 cash from customers for contract billed in April

Why must assets always equal liabilities+owners equity? [ 2 Answers ]

Could you please answer this question? Why must assets always equal liabilities+owners equity:confused: :confused:

Owner's Equity [ 2 Answers ]

Im having a problem. I have an account set up as contributions, drawings, and personal use of home accounts. I have a retained earnings and current earnings and total equity account. My question.I made some errors and have corrected them. I put entries in the retained earnings that shouldn't have...


View more questions Search