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Introduction to Booking Keeping and Accounting | Week 111 Topics1 Quiz
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Introduction to Books of Account | Week 26 Topics1 Quiz
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Subsidiary Books of Account I | Week 34 Topics1 Quiz
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Subsidiary Books of Account II | Week 44 Topics1 Quiz
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Principles of Double Entry Book Keeping | Week 51 Topic1 Quiz
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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.
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