Account Titles

This document defines the five major elements of financial statements - assets, liabilities, equity, income, and expenses. It provides examples of common account titles that fall under each element and whether they appear on the balance sheet or income statement. Assets include resources owned like cash, receivables, inventory. Liabilities are obligations owed like accounts payable. Equity is the owner's claim...

This document defines the five major elements of financial statements - assets, liabilities, equity, income, and expenses. It provides examples of common account titles that fall under each element and whether they appear on the balance sheet or income statement. Assets include resources owned like cash, receivables, inventory. Liabilities are obligations owed like accounts payable. Equity is the owner's claim and represents net assets. Income and revenue increase equity while expenses and losses decrease equity.