What Would Your Accountant Say?

The president of your company has asked the controller to give the members of your department a brief overview of the elements in the basic accounting equation (assets = liabilities + equity), including a description of each element and a sample of the accounts that might be contained within each element. At the last minute, the controller is called away and the president, knowing you are taking an accounting course as part of your MBA program, has asked you to fill in. What would your accountant say to the department?