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. [...]
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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
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