The Accounting Equation

amairani123
Mind Map by amairani123, updated more than 1 year ago
amairani123
Created by amairani123 about 6 years ago
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Description

Accounting and Finnance

Resource summary

The Accounting Equation
  1. Assets
    1. Has a measurable value
      1. Car
        1. Jet
          1. Boat
            1. Laptop
              1. House
              2. Debtors
                1. Owe You $$$
              3. Expenses
                1. Cost company incurs in effort to make money
                  1. Paid with $
                    1. Can be charged
                    2. Liabilities
                      1. A debt
                        1. Loan
                          1. Creditors
                          2. Owner's Equity
                            1. Value of Assets that owner really owns
                              1. Assets-Liabilities
                              2. Revenues
                                1. Income made by a businss
                                  1. Recorded quarterly or annualy
                                  2. Net Gain vs. Net Loss
                                    1. Gain: Bring in more $ than spent
                                      1. Loss:Bring in less $ than spent
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