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Q.

What is the 3 basic accounting elements?

Tags: politics & government, basic accounting
Asked by divakar rao, 28 Jan '13 11:07 pm
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Answers (6)

1.

The three basic elements are as follows:
Assets. Assets are the collateral a person or business possesses such as money, equipment and supplies.
Liabilities. A liability is anything owed by the individual or business, including loans to banks, bills to be paid to suppliers, wages paid to employees, rent and other overhead.
Equity. This is what the individual or business owns, such as profit from the business and investment paybacks, once the liabilities have been accounted for.
Answered by joyesh chakraborty, 28 Jan '13 11:15 pm

 
  
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2.

The three basic elements are as follows:
Assets. Assets are the collateral a person or business possesses such as money, equipment and supplies.
Liabilities. A liability is anything owed by the individual or business, including loans to banks, bills to be paid to suppliers, wages paid to employees, rent and other overhead.
Equity. This is what the individual or business owns, such as profit from the business and investment paybacks, once the liabilities have been accounted for.
Answered by LIPSIKA, 28 Jan '13 11:08 pm

 
  
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3.

The three basic elements are as follows:
Assets. Assets are the collateral a person or business possesses such as money, equipment and supplies.
Liabilities. A liability is anything owed by the individual or business, including loans to banks, bills to be paid to suppliers, wages paid to employees, rent and other overhead.
Equity. This is what the individual or business owns, such as profit from the business and investment paybacks, once the liabilities have been accounted for.
Answered by rajan, 27 Mar '13 03:57 pm

 
  
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4.

The three basic elements are as follows:
Assets. Assets are the collateral a person or business possesses such as money, equipment and supplies.
Liabilities. A liability is anything owed by the individual or business, including loans to banks, bills to be paid to suppliers, wages paid to employees, rent and other overhead.
Equity. This is what the individual or business owns, such as profit from the business and investment paybacks, once the liabilities have been accounted for
Answered by Quest, 29 Jan '13 01:22 pm

 
  
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5.

Pen,paper and eraser
Answered by ajit kulkarni, 28 Jan '13 11:31 pm

 
  
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6.

Accounts are divided in to personal and impersonal accounts
In respect of personal accounts, debit what comes in
debit what goes out
Debit expenses
Credit profits in p/l account
The creditors account is a liability
The debtors account is assets
Answered by Om Shrivastava, 28 Jan '13 11:21 pm

 
  
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