It is a basic principle of accounting and a fundamental element of the statement of financial position formerly known as the balance sheet.

It is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.

It is a present obligation of the enterprise arising from past events.

It is the residual interest or remainder of the asset of the enterprise after deducting all its liabilities.

These are increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity; other than those relating to contributions from equity participants.

These are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incidences

Which of the following are the five major accounts?

Complete missing amount in fundamental accounting equation for several businesses:

Assets=              Liabilities             + Equity

578,000=                     ?                       +152,000

Complete missing amount in fundamental accounting equation for several businesses:

Assets=              Liabilities             + Equity

        ?     =              25,000                  +180,500

Complete missing amount in fundamental accounting equation for several businesses:

Assets=              Liabilities             + Equity

127, 000    =       17,000                          ?

Complete missing amount in fundamental accounting equation for several businesses:

Assets=              Liabilities             + Equity

        ?     =              250,000               +657,450

Which of the following are examples of liabilities?

Which of the following are examples of expense?

Which of the following are examples of income?

Classify the major accounts as...