
Concept Introduction
Assets: Assets are tangible and intangible resources owned and controlled by the company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash etc.
Liability: Liabilities are obligations or payable by the company.
Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.
Revenue: Revenue or income is the amount that the company receives from the sales of products or services.
Expenses: Expenses are the amount that is spent by the company to generate revenue.
To Identify: The type of account and normal balance of the given accounts

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Chapter 2 Solutions
Fundamental Accounting Principles -Hardcover
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