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Fundamentals of accounting
Fundamentals of accounting

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Summary of Week 2

A competent accountant should have the confidence and ability, both mentally and using a calculator, to be able to add, subtract, multiply, divide as well as use decimals, fractions and percentages. Completing tables of equivalencies is a good way of practising converting between percentages, decimals and fractions. All accountants should be able to manipulate simple equations and formulae. The most important equation in accounting is the accounting equation, which states that Assets (A) = Capital (C) + Liabilities (L).

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