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Module 1 Lecture 1 - The Building Blocks of Accounting

This document provides an overview of the accounting equation, which states that assets are equal to liabilities plus equity. It defines assets as what you have, liabilities as what you owe, and equity as what you own. An example is provided of the accounting equation with $50,000 in assets, $30,000 in liabilities, and $20,000 in equity, demonstrating how assets equal the sum of liabilities and equity.

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MADHURA RAUL
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199 views16 pages

Module 1 Lecture 1 - The Building Blocks of Accounting

This document provides an overview of the accounting equation, which states that assets are equal to liabilities plus equity. It defines assets as what you have, liabilities as what you owe, and equity as what you own. An example is provided of the accounting equation with $50,000 in assets, $30,000 in liabilities, and $20,000 in equity, demonstrating how assets equal the sum of liabilities and equity.

Uploaded by

MADHURA RAUL
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Business Tools for Career Readiness

Finance for
Non-Financial Professionals
Module 1

with David Standen, D.B.A.


The Accounting Equation:

Assets = Liabilities + Equity


Assets = Liabilities + Equity
The Accounting Equation:
Assets: What I have
The Accounting Equation:

Liabilities: What I owe


The Accounting Equation:

Equity: What I own


The Accounting Equation:
Assets: What I have
Liabilities: What I owe
Equity: What I own

Assets = Liabilities + Equity


$50,000
$30,000
$50,000
$30,000
$50,000
What I owe
$20,000
Assets = Liabilities + Equity

Equity
Assets

$30,000
$50,000
Liabilities
$20,000

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