explain the accounting equation in its basic and expanded forms

Q: ACCOUNTING THEORY DEFINED AND EXPLAINED

A: Introduction: Accounting is maintaining records of financial events and transactions that occur in a…

Q: 1. What are the elements of an expanded accounting equation?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: plain what’s manage define accounting and describe nature and objective of accounting.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What is ABC system in accounting? Explain with example?

A:

Q: what is the basic accounting model?

A: Accounting Model is the collection of principles, rules and guidelines that form framework for…

Q: What is the basic accounting equation?

A: Basic Accounting Equation: The mathematical equation which shows the relationship among the…

Q: Calculate the missing figure using the basic accounting equation

A: Cash float : It means amount of cash kept in drawer at the beginning of each working day to ease…

Q: Describe the effect of each transaction on the basic accounting equation.

A: Accounting equation:   Accounting equation is an accounting tool expressed in the form of equation,…

Q: Which financial statement's structure is closest to that of the basic accounting ?equation

A: Solution: Basic accounting equation represents: Assets = Liabilities + Equity This is the main…

Q: What's is the accounting equations

A: Accounting equation is considered as foundation of double entry accounting system. Accounting…

Q: Explain the changes in accounting principles.

A: Change in accounting principle is one of the type of accounting change it may undergoes during…

Q: According to our authors, give the accounting equation and explain why it is true.

A: Introduction: The accounting equation is a key component of the balance sheet and a fundamental…

Q: How would you define the fundamental accounting equation

A: Fundamental Accounting Equation: The "basic accounting equation' refers to the mathematical equation…

Q: What are the accounting concepts and conventions? Name them and explain any four accounting concepts…

A: Accounting is recording of all monetary transaction in the books of accounts by considering…

Q: Describe changes in accounting principles.

A: A change in an accounting principle is a change in a method used, such as using a different…

Q: explain the purpose and importance of accounting

A: 1. The purpose of Accounting :    The purpose of accounting is to gather and report on financial…

Q: Define accounting equation

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Write down the general expression of accounting equation.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: what are the accounting concepts? define in detail every one of them in financial accounting.

A: Accounting Concepts May be considered as postulates i.e., basic assumptions or conditions upon which…

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: Explain in your own words the process of Accounting cycle.

A: The accounting cycle refers to a process that is followed in preparing and recording all the…

Q: DEFINE AND EXPLAIN  ACCOUNTING THEORY

A: Accounting refers to the process of keeping records of financial events and transactions happening…

Q: Describe simply what accounting is.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Explain the Accounting Equation?

A: The accounting equation is the foundation of the balance sheet as well as the fundamental premise of…

Q: List and explain various functions of accounting.

A: Accounting is the process of recording financial transactions pertaining to a business. The…

Q: Can you explain the basic accounting equation?

A: The basic accounting equation represents the relationship between assets,liabilities and…

Q: What is Basis of accounting

A: The system by which revenues and expenses are recognized in a company's financial statements is…

Q: The accounting equation may be expressed as?

A: Accounting Equation: The accounting equation provides the foundation of the accounting system. This…

Q: What is the accounting equation? Briefly explain each of the three parts.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: what is the accounting equation?

A: Accounting: It is defined as a process of gathering, recording, summarizing, analyzing, and…

Q: Explain the methods of accounting.

A: Accounting methods refers to the ways which are adopted by the company in order to record its income…

Q: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

Q: Explain the application of the basic principles of accounting.

A: Income tax expense:   The expenses which are related to the taxable income of the individuals and…

Q: Example of a accounting equation

A: The fundamental accounting equation is mathematically expression derived from the principle of the…

Q: hat are the benefits of Accounting System Analysis?

A: Accounting system analysis is very important for business and organization to grow and survive.

Q: Explain the different accounting concepts and conventions with examples

A: Accounting Concepts and Conventions exist to serve the basic objective of accounting, i.e, to…

Q: What is the difference of basic accounting equation from the expanded accounting equation?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Write the basic accounting equation.

A: The accounting equation represents that the assets are equal to the sum of liabilities and…

Q: Define accounting income

A: Income: It can be defined as the amount received by the business or an individual from selling its…

Q: Define and apply many accounting concepts as well as explain commonly accepted accounting…

A: Accounting fundamentals: These are the assumptions, ideas, and rules required to produce and present…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is