Double-Entry Accountinghttps://www.lukeko.com/7/double-entry-accounting 0
Assets = Liabilities + Equity
This accounting equation is the foundation of double-entry accounting. If at any point this equation is out of balance, that means the bookkeeper has made a mistake somewhere along the way.
"Unlike single-entry, the double-entry system provides accountants with enough information to create all of the major financial statements, including income statements, balance sheets, statements of cash flows, and statements of retained earnings"