170910
Description
Mind Map by Bradley Reyes, updated more than 1 year ago
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Created by Bradley Reyes
over 10 years ago
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The accounting
equation
- 1-1assets
- measurable value
- future benefits
- possession(own and control)
- possession(own and control)
- future benefits
- examples
- equipment
- land
- cash
- debtor
- owes the business money
- owes the business money
- equipment
- definition
- owns and controls
- owns and controls
- measurable value
- 1-2liabilities
- dept
- examples
- loan
- creditors
- someone the business owes
- accounts payable
- accounts payable
- someone the business owes
- loan
- dept
- By Bradley Reyes
- 1-3owners equity
- owners equity=owners share
- owners equity=assets-liabilities
- share holder equity
- incase of corperations
- incase of corperations
- share holder equity
- owners equity=assets-liabilities
- owners equity=owners share
- 1-4 expenses
- cost to make money
- pay with cash=decrease asset
- charge=liabilities incerease
- telephone bill=expense
- equipment can be liquidated for money
- equipment can be liquidated for money
- company car=owners equity
- telephone bill=expense
- charge=liabilities incerease
- pay with cash=decrease asset
- cost to make money
- 1-5 revenues
- income
- increase owners equity
- adds value to company
- increases assets
- increases assets
- adds value to company
- increase owners equity
- income
- 1-6 net income vs. net loss
- net income
- revenues > expenses
- revenues > expenses
- net los
- revenues < expensive
- revenues < expensive
- net income
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