accounting equation

Question 1

enumerate the three key elements of accounting

Answer 1

assets
liabilities
capital

Question 2

this refers to the entity’s payables to its service, goods, or resource providers.

Answer 2

liabilities

Question 3

this refers to the resulting amount when the total liabilities are subtracted from the total assets

Answer 3

equity

Question 4

this refers to the amount of equity of the business owners

Answer 4

capital

Question 5

this refers to the goods, services, and other resources that the business entity acquired

Answer 5

assets