ELEMENTS OF THE ACCOUNTING EQUATION\ are the cost of assets consumed in the process of generating revenue.\ are existing debts and obligations.\ is equal to total assets minus total liabilities.\ are the assets an owner puts into the business.\ are resources a business owns.\ are the gross increases in owner's equity resulting from business\ activities entered into for the purpose of earning income.\ are the withdrawal of cash or other assets for the personal use of the\ owner.

ELEMENTS OF THE ACCOUNTING EQUATION are the cost of assets consumed in the process of generating revenue. are existing debts and obligations. is equal to total assets minus total liabilities. are the assets an owner puts into the business. are resources a business owns. are the gross increases in owner's equity resulting from business activities entered into for the purpose of earning income. are the withdrawal of cash or other assets for the personal use of the owner