acc 100 #2
- In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.
- Then, give your opinion on the elements or areas that might cause the most confusion or be the most difficult to grasp.
- Provide support for your conclusion
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Accounting transactions depend mostly on the accounting equation. The equation states that total amount of assets are equivalent to the liabilities and the owner’s equity in that organization. The fundamental accounting equations are required to balance at all times and this lead to the system of records entry known as dual entry. In other words, this means that each transaction that is being recorded…..
APA
362 words