It is known as the ‘balance sheet’ because it is a fundamental accounting truth that the total value of the assets of the business is equal to the total value of the claims that others have over those assets. i.e. the business itself owns nothing and it only has control of assets that are actually […]
Tag archives for accounting equation
What is the meaning of “balance sheet”?
category: Financial Statements
tags: accounting equation, assets, balance sheet, financial statements, liabilities, owners equity, Statement of Financial Position
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Why is it so difficult to grasp the idea of debit vs credit without confusing the two?
Answer by Peter Baskerville: Why is the idea of debits and credits so difficult to grasp? It is clearly the most confusing concept to understand in accounting, which is why most students simply learn the ‘debit’ and ‘credit’ rules by heart and then apply them according to the rules. But I still think it is […]
category: Debits and Credits
How can I better understand debit and credit?
I personally think that trying to understand the debit and credit concept in accounting is near impossible when you are first confronted with it. Learning how to apply the debit and credit concept is far easier. You can be an outstanding bookkeeper or accounting student by just learning the application rules that are taught in […]
category: Debits and Credits
tags: accounting equation, assets of the business, bookkeeper, books of a business, debit and credit, definitions, economic resources, financial transactions, Venetian merchants, Venetian method
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Making sense of Debits and Credits in Accounting.
Confusion about the terms ‘Debits and Credits’ ‘Debits and Credits’ is possibly one of the most difficult concepts to understand in accounting. This is due in large part to the additional meanings that have been added to these terms from the ones that were first coined some 500 years ago. Yes that’s right. The accounting […]
category: Debits and Credits
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