STA301 ASSIGNMENT 1 SOLUTION SPRING 2022 GET THE SOLUTION FILE FROM THE BELOW LINK.
The financial statements are based on accounting equations. This is actually a detailed explanation of the equation. that much. The type of equation shows how the funds are used and where they come from. In other words, how
What the company has and must do. or the accounting equation or balance sheet is.
STA301 ASSIGNMENT 1 SOLUTION SPRING 2022
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A description of the company’s total assets compared to the applicant for those assets. Hence this formula
Shows the financial situation on a specific date. The three titles of the equation are the elements of balance
Sheet. Likewise, the items in the income statement are income and expenses and their net effects. the credit of the owner.
Within an item, there are sub-items such as the item or account “Assets”. It consists of cash, accounts receivable, land, buildings, etc. Every financial transaction has an impact on Two or more elements or sub-elements of the accounting equation.
So we can say that both of them Financial transactions affect the balance sheet, i.e., the financial position of the company. It will be clear from the following picture.
