Lernkarten
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Assets
resources a business owns
Liabilities
claims of those the company owes money
Equity
Claims of owners (Share capital-ordinary + Retained Earnings)
Relationship Assets, liabilities, equity
assets = liabilities + equity
Retained Earnings
revenues - expenses & dividends
Income Statement
presents revenues & expenses & result in net income
Retained Earnings Statement
changes in retained earnings
Statement of financial position
reports assets, liabilities & equity
