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what is a basic accounting equation. The whole of accounting is based on one single equation. What it owns and what it owes.
The Accounting Equation May Be Expressed As Assets Liabilities Equity And Is The Basis For All Accounting Accounting Basics Accounting Bookkeeping Business from www.pinterest.com
ASSET LIABILITY EQUITY Asset pertains to the resources available and used in sustaining the operation of the business. For any equation one side always equals another. Assets liabilities and owners equity.
The accounting equation is the fundamental tool that enables double-entry bookkeeping for all businesses no matter their size or purpose.
The balance sheet is one of the three fundamental statements alongside the income statement and the cash flow statement. In fact the entire double entry accounting concept is based on the basic accounting equation. Lite Learning Initiative Through Examples. What it owns and what it owes.
