2 Truths , 1 Lie

What is the Accounting Equation

• Liabilities

• Income

• Asset

Luca Pacioli is the Father of Accounting

• He was the 2nd person publish double-entry system of bookkeeping

• He was also called Luca di Borgo

• He was an Italian Mathematician

Example of assets

• Land

• Accounts Payable

• Cash

Example of Liabilities

• Equipment

• Loans

• Accrued Expenses

Example of Cash

• Coins

• Currency

• Land

Definition of Assets

• Can be tangible and intangible

• Can be used to produce positive economic value

• Remaining value of an owner's interest in company

What is accounting?

• It provides a clear picture of the financial health of your organization and its performance, which can serve as a catalyst for resource management and strategic growth.

• Is the track in which you can become unsuccessful

• Is the process of recording financial transactions pertaining to a business

What is the Accounting Equation?

• Equity = Assets + Liabilities

• Assets = Liabilities + Equity

• Equity + Liabilities = Assets

Journal Entries can?

• Translate transactions into information for financial reports and tax filing.

• Provides information about your life

• Record all business transactions and events

What do you need in computing a transaction face to face?

• Calculator

• Pen and Paper

• Excel