Accounting (AS)·Basic accounting for sole traders · NSSCAS 1.1.1
The double entry system & the accounting equation
Narrated lesson · press play
Every single mark in AS Accounting stands on one idea: every transaction has TWO effects, so we record it TWICE. In this lesson you meet the dual aspect principle, the accounting equation Assets = Owner's equity + Liabilities, and the debit-and-credit rules that run the whole subject. Paper 1 loves to ask you to complete the equation or name the account debited and credited — master it here and everything that follows makes sense.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 1.1.1):
- explain the meaning of the double entry system in relation to the dual aspect principle
- relate the accounting equation to the double entry system
- state the rules of double entry
Loading your lesson…
You're watching a free 3-minute preview — create a free account to keep going.