Accounting International Marketable Securities Standard

The accounting process is governed by a fundamental accounting equation that serves as a basis in computing for a business firm’s net worth, income and other related financial items. It also helps accountants to distinguish the value received, or the debit,and the value given up, or the credit,in a particular business transaction.

The fundamental accounting equation applies to all accounting processes including bookkeeping and the preparation of financial statements. The fundamental accounting equation holds that total assets are equal to the sum of liabilities and owner’s equity. When expressed in a mathematical statement, the fundamental accounting equation would appear as follows:

Assets = Liabilities + Owner’s Equity

The Accounting Elements Present in the Fundamental Accounting Equation

Looking at the presentation above, it is clear that there are three elements present in the fundamental accounting equation, namely assets, liabilities and owner’s equity (shareholder’s equity or member’s equity in a stock corporation and a non-stock corporation respectively while partner’s equity in a partnership).

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