ACC 201 WORKSHOP ONE ACCOUNTING EQUATION HANDOUT FOR 1.3 DROPBOX
Download Accounting Equation Handout for 1.3 Dropbox Review the questions below. As you watch the video The Accounting Equation, take notes and answer the following questions for Dropbox submission:
Question 1. What type of account would an accountant call the balance due on a car loan? 2. What type of account would be used to record the acquisition of property, such as a car? 3. Why does the accounting equation always balance when accounting for transactions is done correctly? 4. Which accounts show claims to the company’s assets by outsiders (nonowners)? 5. What is the difference between total assets and total liabilities called in a sole proprietorship? 6. If we know the value of total liabilities and owner’s equity, how would we determine the value of the company’s assets?