Below are two questions and answers on topics on Accounting Equation:
Question No 1: Fill In The Blank for the following:
1.0
Assets
Liabilties
Capital
a
40,000
10,000
?
b
15,000
?
11,000
c
?
5,000
10,000
d
11,000
8,000
Answer:
1a $30,000 ($40,000-$10,000)
1b $4,000 ($15,000-$11,000)
1c $15,000 ($5,000+$10,000)
1d $3,000 ($11,000-$8,000)
Question No. 2:
The following is the summary data of XYZ Ltd for July presented in equation form. Describe each of the transactions that occurred [...]
Continue reading about Accounting Questions & Answers On Accounting Equation
The double entry bookkeeping has mainly been accredited to one Italian, Frater Luca Bartolomes Pacioli (1445-1517).
Actually Pacioli did not invent double-entry bookkeeping,however, on November 10, 1494 he published the first complete textbook, “Summma de Arithmetica, Geometria: Proportioni et Proportionalita” (meaning “ Everything About Arithmetic, Geometry and Proportion”) describing the standard accounting system with such detail and [...]
Continue reading about The Father Of Bookkeeping Or Double Entry Bookkeeping System.
An account is a record which is used to record individual transaction.
An account basically is made up of three parts:
A title which is the name of the item recorded in the account;
Each account has a space for recording increases in the amount of the item and
Each account has a space for recording decreases in the [...]
Continue reading about The Simple T-Account To Record Double Entry
One of the basic fundamental accounting principle is the Dual Aspect Concept which MUST be understood by all.
This dual aspect concept is
also called Double Entry Methodology
Continue reading about Dual Aspect:Understand The Accounting Equation
Recent Comments