An equation showing the relationship among assets, liabilities, and owner's equity
a planned process for providing financial information that will be useful to management.
property or items of value owned by a business, Resources a business owns or controls that are expected to provide current and future benefits to the business.
Short-term or long-term liabilities that a business promises to repay by a certain date.
the amount remaining after the value of all liabilities is subtracted from the value of all assets.