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ACCOUNTING & FINANCIAL SYSTEMS MCPC 606
LECTURERS:
DR. JOHN MACCARTHY
&
DR. DOLI-WURA ZAKARIA
1
LECTURE 3 & 4
2
Lecture 34: Accounting Process Overview:
o The Accounting Equation
o Source Documentation
o Books of Prime Entry
o Ledger Accounting
o Extraction of Trial Balance
3
Accounting Equation
• Accounting equation has two sides to the equation. One aspect is Assets of the
business and other is capital provided to the finance the business.
• Resources of the business = Resources supplied by the owners of the business
Capital = Assets
• The equation is fundamental in accounting and all entries must be entry doubly and
one debit and other credit.
4
• Assets = Liabilities + Capital ting Equation (cont.)
A = L + C
• This can be rearranged as:
• Capital = Assets Liabilities
• Liabilities = Assets capital 5
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