Accounting equation assets liabilities owners equity
ACCOUNTING EQUATION : Assets = Liabilities + Owner's Equity
ACCOUNTING EQUATION Accounting is built upon the fundamental accounting equation: Assets = Liabilities + Owner's Equity 1. Assets are what the company owns = what the business has or owns (equipment, supplies, cash, accounts receivable) 2. Liabilities are what the company owes to creditors against those assets = what the business ..