The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals.

Accounting is a comprehensive system for collecting, recording, classifying, summarizing, interpreting, and communicating financial information. It is often referred to as the language of business as ...

This article is for educational purposes and does not constitute financial or legal advice. For specific advice applicable to your business, please contact a professional. Accounting and bookkeeping ...