laws of accounting mechanics

                                                                                             

Laws of accounting mechanics  

1. Assets must equal Liabilities plus Equity 
2. Total Debits must always equal total Credits 
3. There is no such thing as a one sided journal entry 
4. Every transaction must adjust at least two accounts 
5. Assets must have debit balances, Liabilities must have credit balances 
6. Change in equity must be reconciled by calculating net income and adjusting for owner contributions/drawings.

اعداد الاقتصاد بعيون الخبراء 

3-11-2018