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LIABILITIES

These are the payables of business. Hence, liabilities involve the amounts that the business owes. These are the current obligations of the business.  There are two types of liabilities. Current liabilities Non-current liabilities Current liabilities These are the liabilities that Read more…

Assets

Assets are resources that the business owns and controls. There are two types of assets. Current assets  Non-current assets Current assets These are assets that are expected to be used or convert into cash within a year (12 months). Current Read more…

Accounting Elements

Introduction to Accounting Elements Why you should know the accounting elements? Accounting elements are the building blocks of accounting. These are the basic terms that you should know to understand complex accounting theories. There are 05 accounting elements. Assets Equity Read more…

Accounting Equation

Fundamentals of Accounting Equation for a sole proprietorship The accounting equation is the foundation for double-entry bookkeeping system. The key principle behind the accounting equation is that the total assets of a business should be equal to the total ownership Read more…