Arwin C. Toñada
Fill in the concept map.
What terminologies can
you relate to Assets,
liabilities and owner’s
equity?
LIABILITIES
ASSETS
OWNER’S
EQUITY
TRANSACTION
ASSETS
Investment of assets by
the owner
Increase
Increase
Withdrawal of Assets by
the owner
Decrease
Decrease
Purchased assets in
Cash
Increase and Decrease
Settlement of Liabilities
in Cash
Decrease
Decrease
Purchase of Assets on
account
Increase
Increase
Settle of liabilities from
owner’s personal cash
LIABILITES
Decrease
OWNER’S EQUITY
Increase
*21st Century Accounting Process – Basic Concepts and Procedures
By Zenaida Vera Cruz Manuel