Ostroff, Fair and Company
*Ostroff, Fair and Company>>>India Taxes

Basic concepts of accounting?


Basic concepts of accounting?

it is assets MINUS liabilities equal equity

assets = liabilities + equity

every debt(s) must have matching credit(s)
Assets - Liabilities = Equity
BASICS OF ACCOUNTING:
DEBIT & CREDIT
1. Debit what comes in, Credit what goes out
2. Debit all expenses, Credit all incomes
3. Debit the receiver, Credit the giver
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