Private: Essential Building Blocks for Accounting Competency

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Rules of Debit and Credit

Private: Essential Building Blocks for Accounting Competency Rules of Debit and Credit

The elements of financial statements in the accounting equation cannot be transposed like all other equations. Doing so means completely changing rules that have been observed through generations of accountants. All financial statements are based on these rules. The equality of the accounting equation is maintained throughout the accounting process by following certain rules in the application of debit and credit.

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