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The basic accounting equation, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a business. It is the foundation for the double-entry bookkeeping system. For each transaction, the total debits equal the total credits.
A certain amount of math is required to be an accountant, but only the very basics. If you are aware of the principles involved in addition, subtraction, multiplication and division, you already have enough math knowledge to be an accountant. There is limited algebra involved, but nothing more.
The equation that is the foundation of double entry accounting. ... Thus, the accounting equation is: Assets = Liabilities + Shareholder Equity. The balance sheet is a complex display of this equation, showing that the total assets of a company are equal to the total of liabilities and shareholder equity.
Formula 7.3: Net Income is a company's total earnings, or profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. This number is an important measure of how profitable the company is over a period of time.
Accountants can earn a lucrative salary, especially if they work in the sub-sectors or cities or areas listed below. On average, accountants as of May 2014 earned a mean annual wage of $73,670 and a median annual wage of $65,940, according to the U.S. Bureau of Labor Statistics (BLS) report from May 2014.
Accounting programs usually require business and management courses as well as statistics. While some degrees may require a higher math course, it's really lower math operations and basic algebra that will help you most. So if you struggled through calculus in high school or managed to avoid it entirely, don't despair.
The cash flow statement simply shows the company's cash activities, the balance sheet illustrates a company's book value, and the income statement shows how assets and liabilities are used. The balance sheet shows the company's assets, liabilities and shareholder equity
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