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  • Meaning

There has been a revolution in every field of knowledge. Scientific approach towards every subject has emerged as a basic consideration to decide its utility. Scientific studies were also made in accounting and result was the discovery of ‘Accounting Equation’. The study revealed that accounting rotates round the three terms i. e., assets, liabilities and capital. The entire accounting structure is based upon these three terms. These¬† terms are inter-related and inter-woven. Before explaining accounting equation let us discuss these terms: