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#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

Are debits / credit system and spreadsheet based on what equation?

Answer

Assets = Liabilities + Owners’ equity

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APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM
ad> The main section of this reading presented a basic accounting system represented as a spreadsheet. An alternative system that underlies most manual and electronic accounting systems uses debits and credits. Both a spreadsheet and a debit/credit system are based on the basic accounting equation: Assets = Liabilities + Owners’ equity Early generations of accountants desired a system for recording transactions that maintained the balance of the accounting equation and avoided the use of negative numbers

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status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
scheduled repetition interval		last repetition or drill

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