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Storyboard Description

accounting vocab choice assignment. chapter 1.

Storyboard Text

  • hey! I have some questions about accounting and the accounting equation could you help me?
  • Sure! I know everything there is about accounting!
  • oh! thats an asset!
  • what is anything of value that can be owned?
  • hmmm. oh yeah, those are called equities!
  • what is the financial rights to the assets of a business called?
  • A liability is an amount owed by a business.
  • What is a liability?
  • so now I know what all these terms are where do they fit in the accounting equation?
  • The accounting equation is Assets=Liabilities+Owners equity!
  • of course! goodbye!
  • Well thank you for helping me understand these basic accounting terms! goodbye!
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