Accounting - Defining Assets Liabilities Equity Revenue Expenses Gains and Losses

Objectives:

• Define assets, liabilities, equity, revenue, expenses, gains, and losses
• Understand the accounting equation and how it relates to financial statements
• Identify the different types of financial statements and their purpose
• Apply the basic accounting concepts to simple business transactions

Age Level: Late secondary school/junior college

National Standards: Complies with NBEA Accounting 2023 Standard III.3.4 Define assets, liabilities, equity, revenue, expenses, gains, and losses.

Materials:

• Whiteboard
• Markers