ASSETS are things of value owned by the business and recorded in terms of their monetary value.
LIABILITIES are debts or financials of the business which usually must be paid on a specific date.
OWNER'S EQUITY - These refers to the owner's interest in the business which consists of the invested capital and results of operations whether gain or loss.
INCOME are the different services rendered to customers over a given accounting period.
EXPENSES are the different cost rendered for the different use of a certain services offered to the business.
