Barter System Initially, the world worked on the barter system. One person who has one thing in excess would find someone who needs this excess thing. And can provide him with something he wants in return. For example, if A …
Basic Accounting Equation Let’s start with the basic accounting equation Assets = Liabilities + Owner’s Equity Assets Owned or possessed by the business Used in generating revenue Liabilities Owed by the business to others Owner’s Equity The owner’s part in …