Forum OpenACS Q&A: Trial Balance - Balance Sheet relation

a balance sheet is a list of assets and liabilities, and applying the equity formula, you would do {total assets} = {owner's equity} + {total liabilities}; solving for equity gives the net worth of the holdings.

income, property tax and utilities are all expenses and would be shown on an income statement which also lists revenues. Subtracting total expenses from total revenues gives cash flow, which you'd put in a summary statement of cash flow.

Umm, where is the openacs in all this? :) are you taking a final exam in accounting? :)

I'd like to edit my reply a bit, some parts don't make sense...

second paragraph, replace "income, " with "Any kind of income (salary, rent (if you rent something out), dividends paid to you, etc) is also called a revenue. All revenues and all expenses would be shown on what's called an income statement. Examples of expenses include rent and taxes you pay, paying your employee's salary, obtaining inventory usually means money goes out (an expense) to pay for it, "

If you're looking for tables where this is stored, I'm not sure where to look. But, it could help to know liabilities and assets are different from expenses and revenues. I'm hoping it will point you in the right direction.