Module 1 - Basic Accounting

Prepared by CIC-Branding and Creative Services
Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

BUSIACC - MODULE 1

Business Accounting
Busiacc/ Business Accounting (MerService Business)
Dr. Ma. Liza B. Igbuhay, CPA

Review on Basic Concept
of Accounting
Busiacc/ Business Accounting
Ma. Liza B. Igbuhay, CPA, MBA, DBA

ACCOUNTING defined
➢ is a service activity which function

is to provide quantitative
information, primarily financial in
nature, about economic entities
that is intended to be useful in
making economic decisions.
➢ The art of recording, classifying

and summarizing in a significant
manner and in terms of money,
transaction and events which are
part at least of a financial
character and interpreting the
results thereof (AICPA).
unsplash.com
➢ Accounting is the language of
business.
Business defined
is an organization
in which basic
resources are
assembled and
processed to provide
goods or services to
customers or clients.
unsplash.com

Accounting consists of three basic activities—it
◆identifies,
◆records, and
◆communicate
the economic events of an organization to interested

users
unsplash.com

Accounting consists of three basic activities—it
The activities of the accounting process
The accounting process includes

the bookkeeping function.
Copyright © 2017 John Wiley & Sons, Inc.
unsplash.com

Importance of Accounting
The business operates

to generate profit and
accounting keep tracks
of these profits.
unsplash.com

Accounting
unsplash.com

Accounting is a Language of
Business
COMPANY
Accumulates accounting information
through its various transaction
ACCOUNTANT
Processes the financial information and
prepares the financial report
STAKEHOLDERS or USERS
Study the reports prepared before making
economic decisions
unsplash.com

What is Bookkeeping
Bookkeeping is a basic
procedure in accounting in
keeping track of revenues
and expenses as well as the
assets and liabilities.
Bookkeeper is a person
responsible for keeping of
records of the day to day
routine operations of the
unsplash.com
business.
Fields of Accounting (1 of 2)
Financial Accounting – is a
specialized branch
of accounting that keeps track
of a company’s financial
transactions.
- Using standardized guidelines,

the transactions are recorded,
summarized, and presented in
a financial report or financial
statement such as an income
unsplash.com
statement or a balance sheet.
Fields of Accounting (2 of 2)
Managerial Accounting – (also
known as cost accounting or
management accounting) is a
branch of accounting that is
concerned with the
identification, measurement,
analysis, and interpretation of
accounting information so that
it can be used to help
managers to make necessary
decisions to efficiently manage
unsplash.com
a company’s operations.
Relationship of Accounting to Business
BUSINESS - is a ACCOUNTING -as

business a language of
organization that w business, is used
is operating with h to record and
the objective of il report financial
e
generating profits results of
from sale of business
goods and operation.
services.
unsplash.com

Type of Business as to NATURE of Operation
● Service Business
➢ A business engage in providing services for
a fee, to client or customers. (Examples: Beauty
parlor, SPA, travel agency, school, airline, repair shop)
● Merchandising Business
➢ Engage on buying and selling of goods or
merchandise. (Examples: Shoe Store, bookstore,
drugstore and sari-sari store)
● Manufacturing Business
➢ buys raw materials convert and process
these into a finished product and sells them
to the customers. (Examples: shoe factories,
garment factories, car assembly and food processing
plant).
unsplash.com

Forms of Business Organization
● Sole Proprietorship
➢ A business set-up and managed by one person. (Examples:
bakery, barber shops, parlor and Spa)
● Partnership
➢ Owned by to or more persons called partners who
contribute money, property and talent into a common
fund for the purpose of sharing profits among
themselves.(Examples: Law firms, audit firms, doctors,
engineers)
● Corporation
➢ Is an artificial being created by operations of law having
the rights of succession and the powers and attributes
expressly authorized by law or incident to its existence.
(Examples: San Miguel Corp., Jollibee Corp.)
unsplash.com

Forms of Business Ownership
Proprietorship Partnership Corporation
◆ Owned by one ◆ Owned by two or ◆ Ownership

person more persons divided into
Owner is often shares of stock
◆ ◆ Often retail and
manager/operator service-type ◆ Separate legal
◆ Owner receives businesses entity organized
any profits, suffers under state
◆ Generally
any losses, and is corporation law
unlimited
personally liable personal liability ◆ Limited liability
for all debts
◆ Partnership
agreement

Business Goals
● To earn a PROFIT
● To INCREASE its own value as an

economic entity
● To IMPROVE the quality of life in the

community
❖ Provide employment
❖ Livelihood Training
❖ Medical Mission
unsplash.com

Financial Statements
Companies prepare four financial statements :
Owner’s Statement
Income Balance
Equity of Cash
Statement Sheet
Statement Flows

Who Uses Accounting Data?
INTERNAL
USERS
Questions that
internal users ask
unsplash.com

Who Uses Accounting Data?
EXTERNAL
USERS
unsplash.com

Chart of Account
– Is a listing of
account titles which
guides the
bookkeeper in the
recording of
transactions.

Chart of
Account

Business Transaction
– is an event that has

some effect on the
resources of a firm or on
the source of the firm’s
assets. It is also an activity
that involves a change of
values.

Source Document
➢ Invoices – is issued when

services or merchandise is
provided or delivered to
customers.
➢ Official receipts – is issued

when payment is received
from a customer.
➢ Check/Cash voucher - is a
document used when cash is
paid or check is issued

Steps in the Recording Process
Business documents, such as a sales slip, a check, or a bill,

provide evidence of the transaction.

5 Basic classification of accounts
1. Assets – are also known in layman’s term as the properties

owned by the business.
Examples of Asset accounts are:
Cash Land Franchise
Account Receivable Building Copyright
Notes Receivable Leasehold Improvement Patents
Merchandise Inventories Office Equipment Trademarks
Office Supplies Furniture & Fixtures Goodwill
Store Supplies Store Equipment Organization Cost
Marketable Securities Automobiles Intellectual Property Rights
Prepaid expenses Machineries

2. Liabilities– are defined as present obligation of an
enterprise arising from past transaction or events.
Settlement of which will results on the outflow of an
enterprises.
Examples of Liabilities accounts are:
Accounts Payable Notes Payables
Mortgage Payable Salaries Payable
Interest Payable Taxes Payable
Utilities Payable Accrued Expense payable
Unearned Revenue Loans Payable

3. Capital or Owner’s Equity – represents the

equity or claim of the owner on the assets
of the business.
Examples of Owner’s Equity accounts are:
Owner’s Capital Owner’s Drawings

4. Revenue or Income – the gross inflow of economic

benefits during the period in the form of inflows
or enhancements on assets or decrease in
liabilities
Examples of revenue accounts are:
Sales Service revenue
Professional Fees Rent Income
Interest Income Fees Earned
Subscription Revenue Commissions earned

5. Expenses – the gross outflow of economic benefits during the

period in the course of ordinary activities when these
outflows result in decrease in equity other than those
relating to distribution to owners. In simple terms
expenses are costs incurred to produce revenue.
Examples of expense accounts are:

Salaries & Wages Expenses Transportation Expense
Taxes and Licenses Supplies Expenses
Rent Expenses Utilities Expense
Advertising Expenses Repairs & Maintenance
Insurance Expense Bad Debts Expense
Depreciation Expense Miscellaneous Expense

Basic Accounting Equation
Owner's
Assets = Liabilities +
Equity
◆ Provides the underlying framework for recording

and summarizing economic events.
◆ Assets are claimed by either creditors or owners.
◆ If a business is liquidated, claims of creditors must
be paid before ownership claims.

Basic
BasicAccounting Equation
Assets = Liabilities + Owner's Equity
Assets
◆ Resources a business owns.
◆ Provide future services or benefits.
◆ Cash, Supplies, Equipment, etc.

Liabilities
Liabilities
◆ Claims against assets (debts and obligations).
◆ Creditors (party to whom money is owed).
◆ Accounts Payable, Notes Payable, Salaries and Wages

Payable, etc.

Owner’s Equity
Owner's Equity
◆ Ownership claim on total assets.
◆ Referred to as residual equity.

◆ Investment by owners and revenues (+)
◆ Drawings and expenses (-).

Owner’s Equity
Increases in Owner’s Equity

◆ Investments by owner are the assets the owner puts into
the business.
◆ Revenues result from business activities entered into for the

purpose of earning income.
► Common sources of revenue are: sales, fees, services,

commissions, interest, dividends, royalties, and rent.
LO 3
Owner’s Equity
Decreases in Owner’s Equity

◆ Drawings An owner may withdraw cash or other assets for
personal use.
◆ Expenses are the cost of assets consumed or services used in

the process of earning revenue.
► Common expenses are: salaries expense, rent expense,

utilities expense, tax expense, etc.
Analyze the effects of business transactions on
the accounting equation.
Transactions are a business’s economic events recorded by
accountants.
◆ May be external or internal.
◆ Not all activities represent transactions.
◆ Each transaction has a dual effect on the accounting

equation.

Transaction Analysis
Illustration: Are the following events recorded in the accounting
records?
Event Purchase Discuss product

computer design with Pay rent
potential customer
Criterion Is the financial position (assets, liabilities, or

owner’s equity) of the company changed?
Record/
Don’t Record

Transaction Analysis
TRANSACTION 1. INVESTMENT BY OWNER Ray Neal decides to start a smartphone app

development company which he names Softbyte. On September 1, 2017, he invests P15,000
cash in the business. This transaction results in an equal increase in assets and owner’s
equity.

Owner's
Accounts Accounts Owner's
Transaction Cash + + Supplies +Equipment = + + Drawing + Rev. - Exp.
Receivable Payable Capital
s
1. +15,000 +15,000

TRANSACTION 2. PURCHASE OF EQUIPMENT FOR CASH Softbyte
Inc. purchases computer equipment for P7,000 cash.

Trans- Accounts Accounts Owner's Owner's
Cash + + Supplies +Equipment = + + + Rev. - Exp.
action Receivable Payable Capital Drawings
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 3. PURCHASE OF SUPPLIES ON CREDIT Softbyte Inc.
purchases for P1,600 headsets and other accessories expected to last
several months. The supplier allows Softbyte to pay this bill in October.
Illustration 1-8 Assets = Liabilities + Owner's Equity
Owner's
Trans- Accounts Accounts Owner's
Cash + + Supplies +Equipment = + + Drawing + Rev. - Exp.
action Receivable Payable Capital
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 4. SERVICES PERFORMED FOR CASH Softbyte Inc.
receives P1,200 cash from customers for app development services it has
performed. Illustration 1-8

Owner's
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 5. PURCHASE OF ADVERTISING ON CREDIT Softbyte
Inc. receives a bill for P250 from the Daily News for advertising on its
online website but postpones payment until a later date. Illustration 1-8

Owner's
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 6. SERVICES PERFORMED FOR CASH AND CREDIT.
Softbyte performs P3,500 of services. The company receives cash of
P1,500 from customers, and it bills the balance of P2,000 on account.
Owner's
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 7. PAYMENT OF EXPENSES Softbyte Inc. pays the
following expenses in cash for September: office rent $600, salaries and
wages of employees $900, and utilities $200. Illustration 1-8

Owner's
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 8. PAYMENT OF ACCOUNTS PAYABLE Softbyte Inc.
pays its P250 Daily News bill in cash. The company previously (in
Transaction 5) recorded the bill as an increase in Accounts Payable.
Owner's
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 9. RECEIPT OF CASH ON ACCOUNT Softbyte Inc.
receives P600 in cash from customers who had been billed for services
(in Transaction 6). Illustration 1-8

Owner's
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $4,700 - $1,950 - $1,300

TRANSACTION 10. WITHDRAWAL OF CASH BY OWNER Ray Neal
withdraws P1,300 in cash in cash from the business for his personal use.
Owner's
s
1. +15,000 +15,000
2. -7,000 +7,000
3. +1,600 +1,600
4. +1,200 +1,200
5. +250 -250
6. +1,500 +2,000 +3,500
7. -1,700 -600
-900
-200
8. -250 -250
9. +600 -600
10. -1,300 -1,300
$8,050 + $1,400 + $1,600 + $7,000 = $1,600 + $15,000 + $1,300 - $4,700 - $1,950
P18,050 P18,050

Summary of Transactions
1. Each transaction is analyzed in terms of its effect

on:
a. The three components of the basic accounting
equation.
b. Specific of items within each component.
2. The two sides of the equation must always be equal.

Underlying Assumptions
➢ Accrual Basis – under this basis, the

effect of transactions and other events
are recognized when they occur ( and
not as cash or its equivalent is received
or paid) and they are recorded in the
accounting records and reported on the
financial statement of the period to
which they relate.
➢ Going Concern – the financial statements

are normally prepared on the
assumptions that an entity is a going
concern and will continue in operation for
the foreseeable future.
unsplash.com

Financial Statements
Companies prepare four financial statements :
Statement
Income of Statement
Balance
Statement Changes of Cash
Sheet
in Owner’s Flows
Equity
Comprehensive Balance sheet or the Statement of Statement of cash

Income Statement is Statement of Changes in Owners Flow is a statement
a statement that Financial Position Equity is the summary that provides
shows the company’s which show the lists of of changes in owner’s information about the
revenue and Assets, liabilities and equity that have been cash receipts and
expenses on a given owner’s equity, as of occurred during a payments of an entity
period of time specific date usually at specific period of time, for a given period of
the close of the last day such as a month or a time
of a month or a year. year.

References
Images
● Accounting
https://www.merchantmaverick.com/the-
beginners-guide-to-accounting-software-ebook/
● How to start a business

https://www.forbes.com/sites/alejandrocremades/
2019/02/13/how-to-start-a-
business/#c23f6ee6e1ad
● Business, Business Essentials

https://www.investopedia.com/terms/b/business.
asp.
● Service Business
https://www.digitaldealer.com/dealer-ops-
leadership/dealer-management/2-strategies-
bump-service-business/
● Merchandising Business
https://cbambalan.wixsite.com/entrepreneur-
blog-7/single-post/2015/10/01/How-you-can-be-
unsplash.com successful-on-your-sarisari-store

References
Images
● Manufacturing Business
https://entrepreneur.buzz/what-is-
manufacturing-business/
● Image by Mary McLain © The Balance 2019

https://www.thebalancesmb.com/sole-
proprietorship-398896
● Partnership
https://workful.com/blog/partnership/
● Corporation
https://imgbin.com/png/EGXgL4yC/organiza
tional-culture-business-corporation-png
unsplash.com ● Profit
https://www.cpapracticeadvisor.com/payroll/articl
e/12318638/four-keys-to-a-more-profitable-
Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved. payroll-practice
References
Images
● Economic Value
https://www.ttec.com/articles/what-economic-
value-better-customer-experience
● Quality of Life
https://steemit.com/lifestyle/@rakesh199249/qual
ity-makes-you-special
● Business
https://opportunitygroup.ca/starting-a-business-
how-exciting/
● Bookkeeping
https://gusto.com/blog/business-finance/small-
business-bookkeeping
https://www.acs.edu/what-most-people-dont-
know-about-bookkeeping-training-programs/
https://workful.com/blog/bookkeeping-basics/
• Financial Accounting
https://www.wallstreetmojo.com/financial-
accounting/
unsplash.com

Reference
https://www.erptechnicals.com/2019/02/importanc
e-of-financial-accounting/
https://www.accountingcoach.com/financial-
accounting/explanation#:~:text=Financial%20accou
nting%20is%20a%20specialized,statement%20or%
20a%20balance%20sheet.
• Managerial Accounting
https://corporatefinanceinstitute.com/resources/k
nowledge/accounting/managerial-accounting/
nowledge/accounting/managerial-accounting/
https://www.dreamstime.com/photos-
images/managerial-accounting.html
nowledge/accounting/managerial-
accounting/#:~:text=Managerial%20accounting%20
(also%20known%20as,to%20efficiently%20manage
%20a%20company's
unsplash.com

Reference
Video:
• https://en.wikipedia.org/wiki/Luca_Pacioli
Books:
● Weygandt, Kimmel, Kieso
(2017): Accounting Principles, 13th Edition.
https://catatanpenelitianakuntansi.wordpre
ss.com/2017/09/02/ppt-accounting-
principles-13th-edition-weygandt-kimmel-
and-kieso/
● Manuel, Z. VC (2019), 21st Century
Accounting Process, Basic Concept And
Procedure, 2019
● Veron, E. Jr., Anastacio, MF. (2020)

unsplash.com
Accounting Essentials 2020 Edition
References
Books:
● Weygandt, Kimmel, Kieso (2017): Accounting

Principles, 13th Edition.
https://catatanpenelitianakuntansi.wordpress.co
m/2017/09/02/ppt-accounting-principles-13th-
edition-weygandt-kimmel-and-kieso/
● Manuel, Z. VC (2019), 21st Century Accounting

Process, Basic Concept And Procedure, 2019
● Veron, E. Jr., Anastacio, MF. (2020) Accounting

Essentials 2020 Edition
● Baguino, A. et al. (2013). Principles of Accounting.

Allen Adrian Books Inc. June 2013
unsplash.com

References
Images
• Business Transaction
https://www.toppr.com/guides/accountancy/r
ecording-transactions/business-transaction-
and-source-document//
https://study.com/academy/lesson/business-
transaction-definition-types-analysis.html
• Sales Invoice
https://gvacpas.wordpress.com/tag/bir-
sample-receipts/
• Official receipt
https://vjgraphicarts.com/official-receipt/
• Cash or Check Voucher

https://shopee.ph/10-Pads-Check-Voucher-w-
unsplash.com
Duplicate-i.1898326.1972798019


Module 1 - Basic Accounting

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Module 1 - Basic Accounting

Uploaded by

Copyright:

Available Formats

Prepared by CIC-Branding and Creative Services

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Dr. Ma. Liza B. Igbuhay, CPA

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Ma. Liza B. Igbuhay, CPA, MBA, DBA

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

➢ is a service activity which function

➢ The art of recording, classifying

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

the economic events of an organization to interested

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

The accounting process includes

Copyright © 2017 John Wiley & Sons, Inc.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

The business operates

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

- Using standardized guidelines,

BUSINESS - is a ACCOUNTING -as

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Proprietorship Partnership Corporation

◆ Owned by one ◆ Owned by two or ◆ Ownership

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

● To INCREASE its own value as an

● To IMPROVE the quality of life in the

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Companies prepare four financial statements :

Copyright © 2020 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

– is an event that has

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

➢ Invoices – is issued when

➢ Official receipts – is issued

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Business documents, such as a sales slip, a check, or a bill,

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

1. Assets – are also known in layman’s term as the properties

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

3. Capital or Owner’s Equity – represents the

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

4. Revenue or Income – the gross inflow of economic

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

5. Expenses – the gross outflow of economic benefits during the

Examples of expense accounts are:

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

◆ Provides the underlying framework for recording

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Assets = Liabilities + Owner's Equity

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Assets = Liabilities + Owner's Equity

◆ Creditors (party to whom money is owed).

◆ Accounts Payable, Notes Payable, Salaries and Wages

Copyright © 2021 De La Salle-College of Saint Benilde. All rights reserved.

Assets = Liabilities + Owner's Equity

◆ Referred to as residual equity.