Asset
has future value
Liabilities
debt and obligations of the organization
SE
residual value of the assets after the liabilities are paid
Revenue
Money earned by the organization
Expenses
money spent and has no future value
Sheets
income statement, changes in retained earnings, balance sheet, cash flow
Stockholder Equity Example
stock assets, retained earnings, dividends
Liabilities Examples
accounts payable, deposit
Asset Examples
house, land, farm
Revenue Examples
chocolate revenue
Expenses Examples
chocolate
Accounting Circle
Analyze, Record, Post, Trial Balance
Assets (D or C)
debit
Liabilities (D or C)
credit
Stockholder's Equity (D or C)
credit
Revenue (D or C)
credit
Expenses (D or C)
debit