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FAC1502 Exam preparation including tips
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This file will help you prepare for the exam - it includes templates and tips.
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FAC1502 Notes and tips to help you prepare and study for the examThe Accounting cycle:
The financial position of a company is measured by the following items:
Assets (what the company owns).
Liabilities (what the company owes to others).
Owner’s Equity (the difference between the assets and liabilities).
The formulas for the accounting equation are as follows:
Owner’s Equity = Assets – Liabilities (O = A – L)
Assets = Liabilities + Owner’s Equity (A = L + O)
Liabilities = Assets – Owner’s Equity (L = A – O)
Q: Is equity and capital the same?
A: No, they are not:
Equity (or owner's equity) is the owner's
share of the assets of a business
(assets can be owned by the owner or
owed to external parties - debts).
, Basic Accounting Equation:
Assets = Equity + Liabilities
Debit (+) Credit (-) Debit (-) Credit (+) Debit (-) Credit (+)
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