Accounting basics

What is difference between accounting equation and balance sheet? The balance sheet is a more detailed reflection of the accounting equation. It records the assets, liabilities, and owner’s equity of a business at a specific time. Just like the accounting equation, it shows us that total assets equal total liabilities and owner’s equity. Read more … Read more

What are the golden rules of accounting? Conclusion Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses Credit all income. Read more on cleartax.in Any company organization needs accounting because it facilitates decision-making, monitors financial progress, and assures adherence to legal and regulatory standards. Therefore, it is … Read more