Accounting Made Simple: Accounting Explained in 100 Pages or Less
Accounting Made Simple
The Accounting Equation
Before you can create financial statements, you need to first understand the single most fundamental concept of accounting: The Accounting Equation.
The Accounting Equation states that at all times, and without exceptions, the following will be true:
|Assets = Liabilities + Owners’ Equity|
So what does that mean? Let’s take a look at the equation piece by piece.
Assets: All of the property owned by the company.
Liabilities: All of the debts that the company currently has outstanding to lenders.
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|Epub, Mobi||November 22, 2016|
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