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The accounting equation could be stated as
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
The recording of debit and credit parts of a transaction.
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
A form for recording transactions in chronological order.
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
Assets taken out of a business for the owner's personal use.
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
A business activity that changes assets, liabilities, or owner's equity.
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
An increase in owner's equity resulting from the operation of a business.
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
Anything of value that is owned.
Assets=Liabilities + Owner's Equity
doutble-entry accounting
asset
owner's equity
transaction
capital
revenue
journal
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