More Info - Term Definition 1. Accounting equation Asset e. The basic tool of accounting, stated as Assets = Liabilities + Equity a. An economic resource that is expected to be of benefit in the future 2. a. 3. Balance sheet b. 4. Expense C. 5. Income statement d. 6. Liability e. 7. Net income f. An economic resource that is expected to be of benefit in the future Debts that are owed to creditors Excess of total expenses over total revenues Excess of total revenues over total expenses The basic tool of accounting, stated as Assets = Liabilities + Equity Decreases in equity that occur in the course of selling goods or services Increases in equity that occur in the course of selling goods or services Reports on a business's cash receipts and cash payments during a period Reports on an entity's assets, liabilities, and equity as of a specific date Reports on an entity's revenues, expenses, and net income or loss for the period Report that shows the changes in capital for a period of time. 8. Net loss g. 9. Revenue h. 10. Statement of cash flows i. 11. Statement of owner's equity j. k. Print Done