Explain the relationship between economic resources and claims to economic resources. Provide an example of a transaction, applied to the accounting equation.

Economic Resources

Explain the relationship between economic resources and claims to economic resources.

Why must this equation always balance?

What transactions increase or decrease owner’s equity?

How does net income or loss affect owner’s equity?

Provide an example of a transaction, applied to the accounting equation.

 

Explain the relationship between economic resources and claims to economic resources. Provide an example of a transaction, applied to the accounting equation.
Scroll to top