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 […]
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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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In accounting, why do we debit expenses and credit revenues?
I wish there was a simple answer to this question … but there isn’t. The rules of debit & credit in accounting are simple enough to learn and apply, but understanding the ‘why’ is far more complex, particularly when you are trying to understand the ‘first principles’ of a system that was created over 500 […]
category: Debits and Credits
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