f 02/18/15 ~ EDU-MADE-EASY BLOG

Education is an ornament in prosperity and a refuge in adversity.

It is as impossible to withhold education from the receptive mind as it is impossible to force it upon the unreasoning. - Agnes Repplierg

Education aims to give you a boost up the ladder of knowledge.

Educating the mind without educating the heart is no education at all. - Aristotle

He who opens a school door, closes a prison.

If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest. - Ben Franklin

To the uneducated, an A is just three sticks.

To teach a man how he may learn to grow independently, and for himself, is perhaps the greatest service that one man can do another.

If you think education is expensive, try ignorance.

Education is what remains after one has forgotten what one has learned in school.

FINANCIAL ACC 101


THE ACCOUNTING EQUATION & INTRODUCTION TO THE BOOKS OF ACCOUNT.
Hey Guys, today is a new day and we are going to have fun on the above mentioned Topics.
The Accounting Equation is the Fundamental Equation of the entire financial account. In order words, it the beginning of all equations in account as a whole, the Foundation.
1.     Assets are properties of a business. They are things owned by a business and are expected to be of Future Benefit. For example, Motor Van, Furniture & Fitting, Stock etc.
2.     Capital is the Total amount invested by the owner of a business. It is the Net Worth of a business.
3.     Liabilities are amounts of money owed by a business to outsiders. For example, Bank Overdraft, Creditors etc.
Therefore, the account equation is:
Assets= Capital + Liabilities

Example 1:
                    
         Assets
              Liabilities
            Capital
a)      550,000
                       ?
            200,000
b)          ?
                    170,000
             80,000
c)       260,000
                   60,000
               ?
d)      140,000
                      ?
            100,000

       a)     Assets= Capital + Liabilities
             550,000= 200,000 + L