College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
SERIES A EXERCISES
ACCOUNTING ELE MENT S Label each of the following accounts as an asset (A), a liability (L), or owner’s equity (OE), using the following format:
Label each of the following accounts as an asset (A), liability (L), or owners’ equity (OE).
Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a business and claims on the resources by the creditors, and the owners.
The three primary elements of accounting equation are explained below:
- Assets: These are the resources owned and controlled by business and used to produce benefits for the company. Assets are classified on the balance sheet as current assets, non-current assets, property, plant, and equipment, and intangible assets.
- Liabilities: The claims creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors. Liabilities are classified on the balance sheet as current liabilities and long-term liabilities.
- Owners’ equity: The claims of owners on a company’s resources, after the liabilities are paid off, are referred to as stockholders’ equity. Thus, stockholders’ equity is sometimes referred to as net worth of owners or shareholders or stockholders...
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