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Unformatted text preview: 4. Accounts payable are like loans you have with certain companies that sell you things such as equipment or inventory. If you buy a large amount, instead of paying it all at once, you pay over a period of time. 5. Assets = Liabilities + Owner’s Equity. When preparing a balance sheet you need to make sure the sum of all assets is equal to liabilities plus owner’s equity. How do the topics introduced in this chapter relate to your interests in business? Having an accountant is an important piece of a company because they organize all expenses, income, and keep track of all the money. Unless you are a very organized person, it is almost necessary to hire an accountant to make sure everything is in good standing and correct....
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This note was uploaded on 04/08/2008 for the course BUS 100 taught by Professor Borders during the Spring '07 term at Illinois State.
- Spring '07