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The accounting equation is considered to be the foundation of the double-entry accounting system. The accounting equation shows on a company's balance sheet whereby the total of all the company's assets equals the sum of the company's liabilities and shareholders' equity. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity. Image: CFI's Financial Analysis Course. As such, the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all of a company's assets.
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Salient features of accounting are
- Accounting principles must be feasible, predictable, and applicable. This must be easy to apply in the accounting system and must be easy enough to be implemented by everyone
- Accounting is special in that it documents all financial transactions. It offers a framework for the accurate recording of the transaction that businesses may make use of. The recording is systematic and is necessary for anyone who is knowledgeable in accounting standards and laws.
- Accounts include the classification into a separate group/category of all financial transactions. These categories are grouped in accordance to their similarities in one place.
- Accounting has a feature of repeatability because of established procedures and formulae. The steps in accounting are calculated based on fixed formulas.
- The accounting principles are considered to be helpful and provide the individual important information. There are several sections and headings for the multiple transactions to make it easier for the finder to to locate a particular transaction
- Any specialist will read and understand a description of the financial statement. The definition is identical and does not distinguish between individuals or auditors. It remains constant regardless of the person interpreting it that gives accounting the feature of universality.
- Accounting is known to provide summaries of relevant and complex financial statements. Statements of fund flow, balance sheet, and cash flow, are summarised simply and presented to the investors and the public. These statements are useful for investors to make investing decisions
- The statements made by a qualified auditor or bookkeeper for the financial department may be audited for authenticity and verified. All entries in the accounting system are linked to the company's business operation, and a financial statement offers an overview of the organisation's performance
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Accountancy is the practice of recording, classifying, and reporting on business transactions for a business..
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Meghna Thapar 5 years, 6 months ago
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. Accounting is the process of systematically recording, measuring and communicating information about financial transactions. The three major financial statements produced by accounting are the profit and loss statement, the balance sheet and the cash flow statement. There are mainly three types of accounts in accounting: Real, Personal and Nominal accounts, personal accounts are classified into three subcategories: Artificial, Natural, and Representative.
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