accounting

accounting
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and i oop-

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  • Oh, that’s probably why its easy for us to find our past transactions from bookkeeping! Oh, income statement right…  
  • Bookkeeping is records from all your business transactions.However, don’t worry since we have computers, we have accounting software that records and helps track financial information.  
  • Yeah! Please if don’t mind. Ok what are assets and liabilities?
  • Well I could help you my dad used to be an accountant for a big company and I use to help once a while. 
  •  Liabilities are things you may owe and legal financial debts. For example, loans, account payable, mortgages.
  •  Wow. You are lost. Well assets are things you own and share some sort of value. For example, your building, office supplies and equipment.  
  • Oh, that makes sense. But what is owner equity mean?     
  • Oh I think I get this now. But my boss said he wanted financial statements? What are those?
  •  Owner equity is the difference between the value of assets and the value of liabilities. Meaning if you own a car and it is $25,000 however,  there is a $5,000 loan against that car the car now represents $20,000 of equity.
  •  Since now you understand assets, liabilities and owner equity your going to prepare a balance sheet for your boss. Balance sheets summarizes and organizes your assets liabilities and owner's equity.  
  • Okay thanks!
  • Just make su
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