Accounting Comic

Accounting Comic

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  • Hey, i heard you were hired! You could really be an asset.
  • Yep, I just hope my accounting skills are sharp
  • Looks like you have your first task, have you heard of ALOE?
  • Tom! Something must be wrong with the accounting equation, our Liabilities and Owner's Equity are TOO HIGH!
  • ALOE is the equation Assets = Liabilities = Owner's Equity
  • Think of it this way, we OWN our Assets, we OWE our Liabilities, and Owner's Equity is money and other resources the Owner invests
  • Correct
  • Ah yes! And that is all recorded on the Balance Sheet
  • Do you think you can figure it out?
  • Too much money in Accounts Payable that shouldn't be
  • It seems that some of the Transactions have been recorded wrong, 
  • Balance Sheet 
  • And the Owner's Equity amount does not make any sense
  • Balance Sheet
  • Whoever made this Balance Sheet clearly has trouble with math and organization
  • Balance Sheet
  • Great Job! Tomorrow we might have to have you take a look at our Income Statement
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