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The fundamental accounting equation, also called the balance sheet equation, is the foundation for the double-entry bookkeeping system and the cornerstone of accounting science. Like any equation, each side will always be equal. In the accounting equation, every transaction will have a debit and credit entry, and the total debits (left side ...
Double-entry bookkeeping is governed by the accounting equation. If revenue equals expenses, the following (basic) equation must be true: assets = liabilities + equity. For the accounts to remain in balance, a change in one account must be matched with a change in another account. These changes are made by debits and credits to the accounts.
The general accounting equation is as follows: Assets = Equity + Liabilities, [22] A = E + L. The equation thus becomes A – L – E = 0 (zero). When the total debits equals the total credits for each account, then the equation balances. The extended accounting equation is as follows: Assets + Expenses = Equity/Capital + Liabilities + Income,
Created Date: 8/30/2012 4:52:52 PM
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In banking and accounting, the balance is the amount of money owed (or due) on an account. In bookkeeping, "balance" is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. [1] When total debits exceed the total credits, the account indicates a debit balance.
On Oct. 29, the company reported that revenue fell 10.5% year over year to $196.6 million in the most recent quarter. Net losses narrowed to $16.1 million, compared to a $23.7 million loss last year.
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