56sec snip

Planet Money cover image

Summer School 3: Accounting and The Last Supper

Planet Money

NOTE

Vocabulary words: assets, liabilities, equity

Embell introduced us to the fundamental equation that balances all existence: assets equal liabilities plus equity. Assets are everything of value to the business, while liabilities are what you owe. Equity is what's left after subtracting liabilities from assets. But beware of spreadsheets that seem too good to be true!

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