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1. www.accaglobal.com › accounting-equationThe accounting equation | Student Accountant - ACCA Global

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   What is the accounting equation? In its simplest form, the accounting equation can be shown as follows: Capital = Assets – Liabilities

2. biz.libretexts.org › Bookshelves › Accounting2.4: The Basic Accounting Equation - Business LibreTexts

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   • Owners invested cash. Metro Courier, Inc., was organized as a corporation on January 1, the company issued shares (10,000 shares at $3 each) of common stock for $30,000 cash to Ron Chaney, his wife, and their son.
   • Purchased equipment for cash. Metro paid $ 5,500 cash for equipment (two computers). Transaction analysis: The new corporation purchased new asset (equipment) for $5,500 and paid cash.
   • Purchased truck for cash. Metro paid $ 8,500 cash for a truck. Transaction analysis: The new corporation purchased new asset (truck) for $8,500 and paid cash.
   • Purchased supplies on account. Metro purchased supplies on account from Office Lux for $500. Transaction analysis: The new corporation purchased new asset (supplies) for $500 but will pay for them later.

3. www.ifrs.org › content › damPresentation of Financial Statements IAS 1 - IFRS

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   Statements replaced IAS 1 Disclosure of Accounting Policies (issued in 1975), IAS 5 Information to be Disclosed in Financial Statements (originally approved in 1977) and IAS 13 Presentation of Current Assets and Current Liabilities (approved in 1979).

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4. corporatefinanceinstitute.com › accounting-cycleAccounting Cycle - 8 Steps in the Accounting Cycle, Diagram ...

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   What is the Accounting Cycle? The accounting cycle is the holistic process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on the financial statements, to closing the accounts.

5. www.iasplus.com › en › standardsIAS 1 — Presentation of Financial Statements - IAS Plus

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   Apr 12, 2024 · Overview. IAS 1 Pre­sen­ta­tion of Financial State­ments sets out the overall re­quire­ments for financial state­ments, including how they should be struc­tured, the minimum re­quire­ments for their content and over­rid­ing concepts such as going concern, the accrual basis of accounting and the current/non-cur­rent dis­tinc­tion.

6. www.youtube.com › watchAccounting for Beginners | Part 1 | The Accounting Equation ...

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   May 6, 2021 · In part 1 of the accounting lesson for beginners, we explain what the accounting equation is and why it is important to understand the accounting equation. We explain assets, equity, and ...

   • Video Duration: 27 min
   • Views: 685.1K

   • Author: Counttuts

7. People also ask

   What is accounting equation?

   • The accounting equation represents the relationship between the assets, liabilities and capital of a business and it is fundamental to the application of double entry bookkeeping where every transaction has a dual effect on the financial statements.

   The accounting equation | Student Accountant - ACCA Global

   www.accaglobal.com/gb/en/student/exam-support-resources/foundation-level-study-resources/fa1/technical-articles/accounting-equation.html

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   What is the accounting equation for a sole proprietorship business?

   • These are the building blocks of the basic accounting equation. The accounting equation is: A sole proprietorship business owes $12,000 and you, the owner personally invested $100,000 of your own cash into the business. The assets owned by the business will then be calculated as: In a sole-proprietorship, equity is actually Owner’s Equity.

   2.4: The Basic Accounting Equation - Business LibreTexts

   biz.libretexts.org/Bookshelves/Accounting/Financial_Accounting_(Lumen)/02:_Accounting_Principles_and_Practices/2.04:_The_Basic_Accounting_Equation

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   What are the basic concepts of accounting?

   • The fundamental concepts above will enable you to construct an income statement, balance sheet, and cash flow statement, which are the most important steps in the accounting cycle. To learn more, check out CFI’s free Accounting Fundamentals Course.

   Accounting Cycle - 8 Steps in the Accounting Cycle, Diagram, Guide

   corporatefinanceinstitute.com/resources/accounting/accounting-cycle/

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   What do you need to know about accounting?

   • You need to know about revenue recognition (when a company can record sales revenue), the matching principle (matching expenses to revenues), and the accrual principle. The fundamental concepts above will enable you to construct an income statement, balance sheet, and cash flow statement, which are the most important steps in the accounting cycle.

   Accounting Cycle - 8 Steps in the Accounting Cycle, Diagram, Guide

   corporatefinanceinstitute.com/resources/accounting/accounting-cycle/

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   What is an accounting transaction?

   • An accounting transaction is a business activity or event that causes a measurable change in the accounting equation. An exchange of cash for merchandise is a transaction. Merely placing an order for goods is not a recordable transaction because no exchange has taken place.

   2.4: The Basic Accounting Equation - Business LibreTexts

   biz.libretexts.org/Bookshelves/Accounting/Financial_Accounting_(Lumen)/02:_Accounting_Principles_and_Practices/2.04:_The_Basic_Accounting_Equation

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   Can a company use other terms to describe a total?

   • IAS 1.8 states: "Although this Standard uses the terms 'other comprehensive income', 'profit or loss' and 'total comprehensive income', an entity may use other terms to describe the totals as long as the meaning is clear. For example, an entity may use the term 'net income' to describe profit or loss."

   IAS 1 — Presentation of Financial Statements - IAS Plus

   www.iasplus.com/en/standards/ias/ias1

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8. ifrscommunity.com › knowledge-base › cost-ofCost of Property, Plant and Equipment (IAS 16)

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   Apr 12, 2024 · A systematic allocation of variable and fixed production overheads. Delivery expenses. Site inspection and preparation charges. Installation fees. Costs associated with testing the asset’s functionality. Professional fees, for instance, legal fees or stamp duty.