BU227 Lecture Notes - Capital Account, Income Statement

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Owner"s equity: the amount owed to the owners by the entity, to the non-owners. A business itself has no value, what makes a business valuable is it"s owners equity. Balance sheet: represents the financial position of the business at a specific point of time. O. e (end of period) = o. e (beginning of period) + (rev + exp) distrib. A=l + (rev exp) + (contrib distibutions) Revenue: increase of assests or decrease of liabilities as a result of a transaction. Debit: will increase an asset/increases distributions/increases expenses, decrease a liability, decrease capital account, decrease revenue.

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