Basic Accounting Concepts - what am I missing?
jim at jkerr82508.free-online.co.uk
Sun Jan 2 02:01:02 EST 2011
On Sat, 2011-01-01 at 23:50 -0500, Jim Smith wrote:
> When one writes the Accounting Equation in the form shown below, it
> doesn't make any sense to me.
> (Assets - Liabilities) + (Expenses - Income) = Equity
You have the equation wrong. The basic accounting equation can be
or in plain language:
Equity is equal to the sum of net assets and net income.
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