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What is the Expanded Accounting Equation.
Expanded accounting equation. Expanded Accounting Equation is the advance version of basic accounting equation. To learn how this equation. According to the expanded accounting equation a company has recorded 12500 of Assets 6400 of Liabilities 5500 of Owners Equity 1000 of Owners Withdrawal 800 of Expenses.
Like the basic accounting equation the expanded accounting equation shows the relationships among the accounting elements. The expanded equation is. In the expanded accounting equation the capital portion is broken down into several components.
We refer to this as the expanded accounting equation. Now that we also understand the terms Revenue Expense and Drawings we can finally understand the accounting equation in its complete form. Both the assets and liabilities section of the basic equation remains the same in the expanded equation.
Expanded Accounting Equation As you have acquired the accounting equation of Assets Liabilities Equity is the basis of the double-entry accounting system. The equity account is split into four or five main sub-categories that. The expanded accounting equation takes the basic accounting equation and splits equity into its four main elements.
Assets Liabilities Owners Capital Revenues Expenses Owners Draws. It add accounts like Revenue Expense and Drawings to the Equation. The general form of accounting equation is mentioned below.
The expanded accounting equation shows the relationship between the income statement and the statement of financial position by illustrating how revenues and expenses of a company drift into the equity of a companys accounting statements. Assets Liabilities Common Stock Dividends Revenues Expenses This expanded equation takes into consideration the components of Equity. The Expanded Accounting Equation Since owners equity is made up from capital injected and retained earnings of the business the accounting formula can be expanded as follows.
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