IT Financials Glossary


Posted in Accounting by mgentle on August 26, 2010

Equity: the difference between assets and liabilities. Equity can be owner’s equity or shareholder’s equity. Also known as net worth.

FURTHER READING: for an accounting view of equity, assets and liabilities, check out the following article by Michael Sack Elmaleh.

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  1. General Accounting System (GAS) said, on April 7, 2011 at 01:32

    […] It comprises a collection of accounts or chart of accounts that covers assets, liabilities, equity, revenue and expenses. It is from the GAS that financial statements are prepared for debtors, […]

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