Runtime 1.5 hours; Access period 60 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course AccountingEquation. Recommended next course Business Activities and Transactions.
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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.
COURSE OBJECTIVES
The rules of debit and credit are based on the position of the elements of financial statements, the concept of the normal balance, and the requirement to keep the accounting equation in balance. All these are the bases for the accounting process and provide consistency and efficiency in recording transactions.
RECOMMENDED NEXT COURSE
The recommended next course, Business Activities and Transactions discusses the nature of business activities and transactions occurring frequently in a business entity. The course serves as an introduction to the events in the environment that the accounting process will record and report.
