- Saturday, January 3, 2009, 4:02
- Finance
- 2,334 views
It is the measurement,communicating and interpreting financial activity. Accounting is also widely referred as a "language of business". There are five type of accounts in accounting are assets,liabilities,owner equity(Capital),expense and revenues. These accounts are the pillars of accounting all the debit and credit transaction are performed on these accounts.
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- Monday, November 10, 2008, 6:57
- Finance
- 439 views
Accounting Equation
The general form of accounting equation is ,
Assets = Liabilties + Owner Equity
It can be transform to find the capital or owner equity,
Owner Equity = Assets - Liabilities
Same for the liabilities,
Liabilities = Assets - Owner Equity
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- Monday, November 10, 2008, 6:10
- Finance
- 484 views
Assets
Something that have value is called assets, assets are the resources such as land,building,furniture.
assets are futher divided into two types.
1- Tangible Assets
2- Intangible assets
Tangible Assets - Aseets which pysically exisit and we can see and touch it are the tangible assets. For example - Land,building,cars,furnitures,computers etc.
Tangible Assets are further divided into two parts.
Current Assets - Assets can be easily converted into cash within a year ...
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