10 Basic Accounting Principles & Key Assumptions 2019 GAAP Guide
For example, if a business buys inventory for ₹50,000, it will increase (debit) its inventory account while decreasing (credit) its cash account by the same amount. This method ensures that the accounting equation remains balanced, with debits always equaling credits. Substance over form states that financial statements and facts disclosed to the public about a […]
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