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6 Cards in this Set
- Front
- Back
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Assets |
Resources controlled by the business
From pass events
Future Economics benefits will flow to the business |
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Liabilities |
Present obligation required settlement
From pass events
Resulting in a outflow of economic benefits |
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Owners equity |
Residential interest
From assets
Minus liabilities |
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Accounting equation |
A= l+oe
L=a-oe
oe= a-l |
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Source documents |
Cash receipts
Memo
Bank statements
Credit note |
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Small business |
Owned and operated by one person
Has less then 20 employees
Capital is the money used to start up the business |
