Hi Lynda,
Thank you.
Can you explain what is an Equity Account? Would this simply be your current balance? meaning the end amount of funds regardless of liabilities across multple accounts (if more than one account)?
Or your equity account is the balance after liabilities have been deducted? Becasue liabilites must be factored in and deducted before equity can be said to be equity?
I cannot find a simple, clear definition online. Thnx
