CHAPTER-3_THE-ACCOUNTING-EQUATION.pptx - Chapter 3 The Accounting Equation(FAR by Millan Chapter 3 The Accounting Equation Learning Objectives 1

# CHAPTER-3_THE-ACCOUNTING-EQUATION.pptx - Chapter 3 The...

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Chapter 3: The Accounting Equation (FAR by: Millan)

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Chapter 3 The Accounting Equation Learning Objectives 1. Illustrate the accounting equation. 2. Perform operations involving simple cases with the use of accounting equation. Chapter 3: The Accounting Equation (FAR by: Millan)
The Accounting Equation Assets= Liabilities + Equity Chapter 3: The Accounting Equation (FAR by: Millan)

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Essential elements of an Asset a. Control b. Past events c. Future economic benefits Chapter 3: The Accounting Equation (FAR by: Millan)
Essential elements of a Liability a. Present obligation b. Outflow of economic benefits Chapter 3: The Accounting Equation (FAR by: Millan)

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The Expanded Accounting Equation Assets = Liabilities + Equity + Income - Expenses Chapter 3: The Accounting Equation (FAR by: Millan)
1. If total assets is ₱10,000 and total liabilities is ₱6,000,

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