Accounting (University)

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Last updated 10:57 PM on 4/10/26
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9 Terms

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Assets

Things the business owns (Cash, Machinery Stocks)

2
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Liabilities

Things the business owes (Loans, Unpaid bills)

3
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Equity

What belongs to the owners ( what is left after debt)

4
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Liabilities + Equity = Assets

Assets Equation

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Income statement

Profit for the year

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Balance Sheet

What we own

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Statement of changes in equity

how did the owners funds change

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Purchases + Closing inventory

Formula for Cost of sales

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Revenue -

Formula for Gross Profit