Source: Image of accounting ledger, dollar sign, block arrow, images by Video Scribe, License held by Jeff Carroll; Image of storefront, Public Domain, http://bit.ly/1l51GoG.
Assets is equal to the Liabiabilities and Owner’s equity.
Items that are solid (such as a building) or abstract (such as a brand) that can produce value and/or adds monetary value.
A ledger that compiles the holdings, liabilities and funds; laying out the income and expenditures, of an organization during a specific point in time.
A report reflecting the income (R/ revenue) minus the expenses (E) for a set period of time.
An item that is a present burden.
This is a mathematical formula indicating the owner’s contributions to the organization minus the liabilities of the organization.
The money acquired by an organization during a specific period of time
A report reflecting the amount of revenue created and spent during a specified period of time.