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6 Cards in this Set

  • Front
  • Back

Assets

Resources controlled by the business



From pass events



Future Economics benefits will flow to the business

Liabilities

Present obligation required settlement



From pass events



Resulting in a outflow of economic benefits

Owners equity

Residential interest



From assets



Minus liabilities

Accounting equation

A= l+oe



L=a-oe



oe= a-l

Source documents

Cash receipts



Memo



Bank statements



Credit note

Small business

Owned and operated by one person



Has less then 20 employees



Capital is the money used to start up the business