The accounting Equation 1

mandilmcnamara
Mind Map by mandilmcnamara, updated more than 1 year ago
mandilmcnamara
Created by mandilmcnamara about 6 years ago
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mind map of my accounting equations

Resource summary

The accounting Equation 1
  1. Assets
    1. future benefits
      1. a car
        1. computer
          1. computer
            1. building
            2. measurable value
              1. The original price paid for it
                1. increases or decreases in value
                  1. you can calculate how much the value is.
                  2. debtors
                    1. good for the future
                      1. always know that they have money somewhere
                    2. expenses
                      1. used up fast
                        1. company spends $
                          1. Donut holes
                          2. paid with credit
                            1. liabilities go up
                            2. paid with cash
                              1. assets go down
                              2. owners equity goes down
                              3. net income
                                1. revenues > expenses
                                2. net loss
                                  1. revenues < expenses
                                  2. breaking even
                                    1. revenues = expenses
                                    2. liabilities
                                      1. debt of business
                                        1. liabilities = debt
                                        2. creditor
                                          1. instead of cash, they pay you in supplies
                                          2. loan
                                            1. bank loans paid, liabilities go down
                                              1. bank loans ignored, liabilities go up
                                            2. equity
                                              1. owners share of assets
                                                1. has $60,000 but owes $40,000 so they really have $40,000
                                                2. shareholders equity
                                                  1. stocks $$
                                                  2. owners equity = assets - liabilities
                                                  3. revenues
                                                    1. equals income
                                                      1. sales = revenues
                                                        1. reports of revenues
                                                          1. yearly
                                                            1. quarterly
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