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what is the simple accounting equation. View Accounting Basics Worksheetdocx from ACCT 2221 at Dalhousie University. The accounting equation is also called the basic accounting equation or the.
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The basic accounting equation is the foundation of all double entry accounting. Accounting equation is a basic equation Assets Liabilities Equation and foundation for double entry system. It is formulated as follows.
ASSETS LIABILITIES EQUITY.
Assets Liabilities Owners equity. Before creation of financial statements like Balance Sheet Profit Loss accounts you need to understand the basic fundamental concept of accounting ie accounting equation. The accounting equation looks like this. Equation Definition The basis of accounting balances and reports on profits and losses financial statements of almost all foreign organizations is based on a basic accounting equation.
