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Accounting: The best function of a business ever!!. BBI 2O. Learn to speak in accounting. Assets Something of value owned by the business A resource controlled by an individual as the result of past events Liabilities Are debts or amounts owed to others Equity
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Learn to speak in accounting • Assets • Something of value owned by the business • A resource controlled by an individual as the result of past events • Liabilities • Are debts or amounts owed to others • Equity • What you would have left after you have paid off your debts • Assets – Liabilities = Owner’s Equity
Learn to speak in accounting • Revenue • money that business generates from business activities (i.e. sales) • Expenses or costs • Money that the business must pay to carry on business activities (i.e. rent) • Sometimes you need to spend money to earn it. • Income or profits • The money that the business has earned after all expenses are paid • Revenue - Expenses
