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Elements of Accounting: Assets Liabilities Owner'S Equity
Elements of Accounting: Assets Liabilities Owner'S Equity
ACCOUNTING
ASSETS
LIABILITIES
OWNER’S EQUITY
ASSETS
Economic resources
Things of value owned by the
business
CURRENT ASSETS
Cash
Accounts Receivable
Notes Receivable
Supplies
Merchandise Inventory
Prepaid Expenses
(Prepaid Rent, Prepaid Insurance, etc.)
NON- CURRENT ASSETS
Land
Building
Furniture and Fixtures
Equipment
Accumulated Depreciation*
How can the assets
describe the financial
status of a
person/business?
CONCEPT ATTAINMENT
CURRENT
VS.
NON-CURRENT ASSETS
CONCEPT ATTAINMENT
CASH
VS.
ACCOUNTS RECEIVABLE
CONCEPT ATTAINMENT
ACCOUNTS RECEIVABLE
VS.
NOTES RECEIVABLE
Analyzing Business
Transactions
• Dr. Maria Tan, a dentist, invested
₱350,000 cash to start her own
dental clinic. (1)
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_____ 7. Fonda, Capital
_____ 8. Fonda, Drawing
_____ 9. Interest Payable
_____10. Land
_____11. Merchandise Inventory
_____12. Mortgage Payable
_____13. Notes Payable
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_____14. Prepaid Insurance
_____15. Prepaid Rent
_____16. Salaries Payable
_____17. Supplies
_____18. Taxes Payable
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Assessment
p.95
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TAKE - AWAYS
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