ACC281 Week 1 Discussion 1

ACC281 Discussion 1 Alayna Yelding Why is Accounting Needed and the Basic Accounting Equation • Review the Basic Accounting Equation. Why is this equation key to understanding the balance sheet, which is one of the foundational financial statements? The basic accounting equation is the basis for the double entry accounting system. Assets = Liabilities + Equity, states that the assets in the equation are resources that a medical corporation has available for it to use, such as cash, accou...

ACC281 Discussion 1 Alayna Yelding Why is Accounting Needed and the Basic Accounting Equation • Review the Basic Accounting Equation. Why is this equation key to understanding the balance sheet, which is one of the foundational financial statements? The basic accounting equation is the basis for the double entry accounting system. Assets = Liabilities + Equity, states that the assets in the equation are resources that a medical corporation has available for it to use, such as cash, accou...

ACC281 Discussion 1 Alayna Yelding Why is Accounting Needed and the Basic Accounting Equation • Review the Basic Accounting Equation. Why is this equation key to understanding the balance sheet, which is one of the foundational financial statements? The basic accounting equation is the basis for the double entry accounting system. Assets = Liabilities + Equity, states that the assets in the equation are resources that a medical corporation has available for it to use, such as cash, accou...