Connect Access Card for Financial Accounting: Information and Decisions
Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 3QS
Summary Introduction

Concept Introduction:

Assets: Assets are physical as well as intangible resources of the business which are kept to provide future economic benefits.

Liabilities: Liabilities are dues or amount payable by the business. 

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

To classify: The given accounts as an asset (A), liability (L), equity (EQ) account, revenue (R), or expense (E) account.

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Connect Access Card for Financial Accounting: Information and Decisions

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