What is the number rule of success?
Believe in yourself
What is the language of business and why should aspiring entrepreneurs have a solid understanding of that language?
Accounting is the language of business and entrepreneurs should possess a solid understanding of accounting in order to understand their business cash inflow and outflow.
What is the double entry accounting equation general format? What financial statements includes this information? Explain the reasoning of the equation.
Assets = Liabilities + Equity The balance sheet includes the double entry accounting equation that shows that the total assets of a company are equal to the total of liabilities and shareholder equity. Assets are valuable items that an individual or company owns in comparison to the liabilities it owes. Equity is the owners interest in an asset.