Assets: Items of values owned by a person or business.

Liabilities: Something you owe to someone or a business .

Personal equity: Is the person's net worth

balance sheet equation: The basic accounting equation: A= L +OE

Balance entity principal: Each business be considered a separate entity.

Balance Sheet: A formal financial statement that lists assets, liabilities, and owners equity at "Statement of financial position.

Owner's equity: The owners claim against the assets of the company

	Created by mamoun diab over 7 years ago

Notes for unit one test