Briefly discuss the three components that make up the accounting equation. Provide an example of each of the components
Answer)
Three components of accounting equation is assets, liabilities and owner equity.
The accounting equation: assets=liabilities+owner's equity
Assets are the value of the things which is owned by the business. There are lots of categories of assets namely current assets like stock, cash etc long term assets like building, land etc and intangible assets namely copyrights, patents etc.Assets needs cash to purchase them which is raised through Capital or liabilities.
Laibilities are what a business owe to the outside person's. They are important source of finance. These are also categorized into two namely Short term liabilities like creditors etc and long term liabilities like loan from financial institution.
Owner's equity is also known as capital which is brought in by the owner. These are termed as what the business owes to the owner.
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