A bedrock principle of business bookkeeping is that the accounting equation must always balance: Your assets must always equal your liabilities plus your owner's equity. When your business becomes a ...

The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals.

Accounting is the mathematical science of collecting, recording, and compiling financial information into formats that can communicate that information to its end users in an efficient and effective ...