
Concept introduction:
Account Payables: For delivered goods or services, the cash owed by the business which they need to pay to their suppliers is called account payables. In the balances sheet, the account payables are shown as liabilities.
Account Receivables: For delivered goods or services, the cash owed by the customers that they need to pay to the business is called account payables. In the balances sheet, the account payables are shown as Assets.
Asset: A resource which will generate a
Liabilities: During the course of the business operations, an obligation or the company’s debit that arises is called liabilities. Mortgages, accounts payables, accrued expenses; loans are recorded on the right hand side of the balance sheet.
Equity: Equity is the value of an asset less the amount of all liabilities on that asset. It can be represented with the
Income Statement: The statement in which the profit or the loss of a company is mentioned is called income statement. In the income statement revenues, expenses, net income,
1. To write: The statement showing accounting transactions with balance after each transaction
2. To calculate: The Company’s net income

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Chapter 1 Solutions
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