The Accounting Equation Resources Sources Assets Cost of What are the resources used sources of the in the business assets c1-6
C1 - 6 Assets Resources = Sources The Accounting Equation What are the sources of the assets? Cost of resources used in the business
The Accounting Equation Resources Sources Liabilities Assets Stoc kholders' Equity Cost of Resources resources used supplied by in the business creditors and owners c1-7
C1 - 7 Assets Liabilities Stockholders’ Equity Resources = Sources Cost of resources used in the business Resources supplied by creditors and owners The Accounting Equation
Expanded Accounting Equation The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given. DEBITS CREDITS received gIven c1-8
C1 - 8 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” DEBITS received CREDITS given =
Expanded Accounting Equation The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given. DEBITS CREDITS received gIven Assets c1-9
C1 - 9 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” DEBITS received CREDITS given = Assets
Expanded Accounting Equation The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given. DEBITS CREDITS received gIven Assets Expenses c1-10
C1 - 10 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” Assets DEBITS received CREDITS given = Expenses