Spotting creative accounting practices on the balance sheet can be broken down into three ... What Are the Five Basic Financial Statements? The five basic financial statements are the income ...

A basic tenet of double-entry book-keeping is that total assets (what a business owns) must equal liabilities plus equity (how the assets are financed). In other words, the balance sheet must balance.

And a good basic accounting system will provide useful ... Obviously, these items (which comprise a basic income statement and balance sheet) must be measured and tracked. However, it's equally ...

The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by ...