The Basic Accounting Equation

Philip Dunn explores the basic principle that underpins accounting theory and practice
At the commencement of studies at the Foundation stage in the accounting based units 1, 2 and 3 it is desirable for the student to have a clear understanding of the concept of the ‘Accounting Equation’. Students will develop competence in bookkeeping which has been defined as "the classification and recording of monetary transactions" and is used as part of the accounting...

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