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How can values be expressed in multiple ways?

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Presentation on theme: "How can values be expressed in multiple ways?"— Presentation transcript:

1 How can values be expressed in multiple ways?
(pretest) Accounting Week 1 What basic math skills are necessary for success in accounting and finance? How does one determine the appropriate mathematical to use for various business situation? How can values be expressed in multiple ways? How does one calculate the total amount due for a loan or a purchase? What is Accounting? What is the Accounting Equation?

2 The Accounting Equation
The equation that is the foundation of double entry accounting. ... Thus, the accounting equation is: Assets = Liabilities + Shareholder Equity. The balance sheet is a complex display of this equation, showing that the total assets of a company are equal to the total of liabilities and shareholder equity.

3 Assets = Liabilities + Owner’s Equity
The Accounting Equation Assets = Liabilities + Owner’s Equity Equation must always remain equal When reading transactions, Received Cash always means cash increases; Paid Cash always means cash decreases Transactions don’t always affect both sides of the equation When analyzing transactions, always Read the transaction Identify the accounts Classify the accounts (Asset, Liability or Owner’s Equity

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