Accounting Basics: Assets, Liabilities, Equity

This lecture introduces the basics of accounting, focusing on the balance sheet and the profit and loss statement. It covers the accounting equation, assets, liabilities, owners' equity, and the recognition of assets. The lecture also explains the different types of assets, liabilities, and equity, as well as concepts like depreciation, current and long-term liabilities, and retained earnings. Through a practical example of JJ's Lawn Care Service, the instructor illustrates how transactions impact the balance sheet and income statement, emphasizing the importance of accurate financial reporting.