The elements of accounting pertain to assets, liabilities, and capital. Assets are tangible or intangible resources owned by a company; liabilities are obligations to creditors, vendors, and lenders. Capital refers to the interest of the owners in the business after deducting all liabilities from all assets (or, what is left for the owners after all company obligations are paid).
If you would like to know more about the fundamentals of accounting and how to better your financials, contact us so we can speak further.
