unit 5 assign 2 slides
Post on 04-Jul-2015
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Learning Unit 1 Chapter 1
Tim Frees, MBA, CFEInstructor
The resources
owned by a
business
Assets = Liabilities + Owner’s Equity
LO 3
Assets = Liabilities + Owner’s Equity
LO 3
The rights of
creditors are the
debts of the
business
The rights of the
owners
Assets = Liabilities + Owner’s Equity
LO 3
The resources owned by a business are its assets.
The rights of creditors are the debts of the business and are called liabilities.
The rights of the owners are called owner’s equity.
The equation Assets = Liabilities + Owner’s Equity is called the accounting equation.
LO 3
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