Equity in business means that an owner cannot own 100% of the company's shares with others, and the company's accounting should be separate from all of his or her personal affairs. This means that the person (the owner) should not include any personal assets on the company balance sheet. For example, car expenses should not be written into the budget.  The revenue/cost period: The revenue and cost period in the accounting in which the company obtains revenue from normal business activities. It refers to the normal business income that the company earns by selling its product and service. Question 3 Assets The resources of a business owned by the owner are called assets, for example, buildings, machinery, etc. In other words we can say that the thing owned by a person concerns the company and has value, commitment and legacy.  LiabilitiesLiabilities are the depth to be beneficiary by a person or company to a bank or other company, for example if a person buys a car $10,000 and pays 2,000 in cash, then installments of $8,000 must be paid in installments