Tag Archives: basic

Indicate How Each Business Transaction Affects the Basic Accounting Equation The accounting equation represents the relationship between the assets, liabilities and uppercase of a concern and it is cardinal to the application of double entry bookkeeping where every transaction has a dual effect on the fiscal statements. The purpose of …

A Basic Assumption of Accounting Assumes That the Dollar is Accounting assumptionsare defined every bit rules of activeness or conduct which are derived from feel and practice, and when they prove useful, they become accepted principles of accounting. 4 basic assumptions of bookkeeping are the pillars on which the structure …