What exactly are 'Assets' , 'Liabilities' and 'Owner's Equity' in Accounting?
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I am very new to Accounting and have to learn about it's basics, very quickly. So what are 'Assets' , 'Liabilities' and 'Owner's Equity' in Accounting? Please be simple in language as possible and provide an example if possible! Thnk u!
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Answer:
Reading The Balance Sheet http://www.investopedia.com/articles/04/031004.asp#axzz1uXooQ7CL Also, use Investopedia for definitions of financial terms: Different types of assets and the Balance Sheet http://www.investopedia.com/terms/n/noncurrent-assets.asp#axzz1uXooQ7CL
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