Free Bookkeeping Video Tips

The Accounting Equation and Financial Statements


  • Recordin equation form the financial effects of a business transaction.
  • Define,identify, and understand the relationship between asset, liability, andowner's equity accounts.
  • Analyzethe effects of business transactions on a firm's assets, liabilities, andowner's equity and record these effects in accounting equation form.
  • Preparean income statement.
  • Preparea statement of owner's equity and a balance sheet.

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