ITB vocab words

ITB vocab words
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  • Created By: Andrew Sheehan
  • Okay class, since we just finished the accounting chapter lets take a review day
  • Before we start could you explain the Accounting Equation?
  • Really? How were you able to create a Balance Sheet, one of main financial statements, if you don't know the accounting equation
  • Assets = Liabilities +                      Owner's Equity
  • Hey be nice. Its a review day. Accounting Equation is Assets, something of value, equals Owner's Equity, investment made by owner plus Liabilities, money owed/debt.
  • Oh! Okay thanks Mr.Teach
  • Mr. Teach. Red is Asleep again. 
  • Red Wake Up! You'll never pass my class and be able to do Accounting, a system used to interpret and summarize financial data, on your own. 
  • I'm awake! 
  • Ha Ha! You'll never pass the test tomorrow.
  • What do you mean? Net Loss, expenses>profit and Net Income expenses. See easy 100% 
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