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Statement of Financial Position.ppt- Accounts Titles

Owners equity 3 2 revenues are the gross increase in

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Unformatted text preview: business the ---The account title use in recording investment is ---The “Owner, Capital” 3. OWNER’S EQUITY 3. (2) Revenues – are the gross increase in owner’s equity (2) resulting from business activities entered into for the purpose of earning income. Generally, revenue from selling merchandise, performing services, renting property and lending money. Common source of revenue are sales, fees, services, commissions, interest, dividends, royalties and rent. interest, 3. OWNER’S EQUITY 3. Decreases in Owner’s Equity (1) Drawings – an owner may withdrew cash or other Drawings assets for personal use. assets (2) Expenses – are the cost of assets consumed or Expenses services used in the process of earning revenues services...
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