Liability Accounts: Understanding What Your Business Owes (Simplified)
Every business has financial commitments – things they owe money for. Think of them like promises to pay. Liability accounts help you keep track of …
The dual concept
Asset Accounts: Unveiling the Treasures of Your Business (Easy Read)
Imagine your business is like a treasure chest filled with valuable things. These “treasures” could be cash, equipment, or even money owed by customers. Asset …
The Dual Concept in Accounting: Practical Examples in Action
At accounting’s core lies a fundamental principle that governs how every financial transaction is recorded: the dual concept. This concept, the bedrock of double-entry bookkeeping, …