Fabulous Concept Of Accounting Equation

Basically an accounting is based on the following equation. The whole concept of accounting is based on accounting equation. Double entry is recorded in a manner that the accounting equation is always in balance.

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Suppose we put some items on one dish.

Concept of accounting equation. This means that each debit has an. What is the Accounting Equation. This equation is also called the Balance Sheet Equation.

The concept of accounting equation can be easily understood in the context of Balance an instrument for weighing. It holds true for all situations no matter what financial transaction take place. The Accounting Equation is.

Assets of an entity may be financed either by external borrowing ie. We all know that we record all the business transactions using the Dual Aspect concept. Assets Liabilities Equity.

It forms a base to finalize books of accounts and to prepare profit loss account and Balance Sheet. ASSETS LIABILITIES EQUITY. Accounting equation describes that the total value of assets of a business is always equal to its liabilities plus owners equity.

The Accounting Equation is. This equation is the foundation of modern double entry system of accounting being used by small proprietors to large multinational corporations. Accounting Equation Approach known as Modern Approach also-called Balance Sheet Equation is one on which the entire financial accounting depends.

Liabilities means money to be paid to outsiders. The accounting equation as discussed earlier may be expressed as follows. In the basic accounting equation liabilities and equity equal the total amount of assets.

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