Show:
Assets
Liabilities
Equity
Accounting Equation
Your Business and Fundamental Accounting
100
What is the Fundamental Accounting Equation?
Assets=Liabilities+Equity
200
What is Assets?
Things the company owns such as; cash, inventory, and equipment.
300
What is a Liability?
What a business owes.
400
Why is Fundamental Accounting important in any business?
Law, Shareholders, and making sure your business can stay liquid.
500
What is Equity?
Equity = Assets - Liabilities