Topic Content:
- Accounting Equation
- Summary of Accounting Equation
- Worked Examples on Accounting Equation
The accounting equation is the fundamental framework of the entire financial accounting process. The whole of accounting is based on this equation.
The equation can be expressed as:
\(\scriptsize Assets = Capital + Liabilities\)
Assets: These can be defined as the properties or resources of a business — for example, Land and Building, PremisesThe premises of a property consist of the land and buildings on it, usually of a business or organization. More, Motor Van, Cash in hand, etc.
You are viewing an excerpt of this Topic. Subscribe Now to get Full Access to ALL this Subject's Topics and Quizzes for this Term!
Click on the button "Subscribe Now" below for Full Access!
Subscribe Now
Note: If you have Already Subscribed and you are seeing this message, it means you are logged out. Please Log In using the Login Button Below to Carry on Studying!