Lecture

The Accounting Equation: Assets = Liabilities + Owners' Equity

In course

Cupidatat commodo nulla occaecat in ut ut pariatur officia. Dolore sunt ut nulla laboris. Id cupidatat nisi mollit quis nostrud irure eiusmod. Proident nulla elit amet proident ad elit magna. Est qui exercitation consequat exercitation aliquip duis excepteur ullamco Lorem. In enim minim enim quis. Labore dolor nostrud fugiat nulla duis cupidatat amet cupidatat ad reprehenderit velit tempor.

Description

This lecture covers the fundamental concept of the accounting equation, where assets are equal to the sum of liabilities and owners' equity. It explains the balance sheet, fixed and current assets, long-term and current liabilities, owners' equity, net income, and the income statement. Through examples of JJ's Lawn Care Service transactions, it illustrates how financial statements are prepared and how the accounting equation is applied in real-life scenarios.

Official source

https://mediaspace.epfl.ch/media/0_js06jxwa

About this result

This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.

Ontological neighbourhood

Business

Accounting: Financial accounting

Finance: Corporate finance

Related lectures (70)

Graph Chatbot

Chat with Graph Search

Ask any question about EPFL courses, lectures, exercises, research, news, etc. or try the example questions below.

DISCLAIMER: The Graph Chatbot is not programmed to provide explicit or categorical answers to your questions. Rather, it transforms your questions into API requests that are distributed across the various IT services officially administered by EPFL. Its purpose is solely to collect and recommend relevant references to content that you can explore to help you answer your questions.