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#accounting_equation

Accounting equation

Fundamental equation relating accounting quantities

The fundamental accounting equation, also called the balance sheet equation, is the foundation for the double-entry bookkeeping system and the cornerstone of the entire accounting science. Like any equation, each side will always be equal. In the accounting equation, every transaction will have a debit and credit entry, and the total debits will equal the total credits. In other words, the accounting equation will always be "in balance".

Mon 22nd

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Accounting equation Double-entry bookkeeping Balance (accounting) Debits and credits Liability (financial accounting) Financial accounting Demography History of accounting Accounting identity Equity (finance)
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