The Accounting Equation and Elements
Principles of Accounts · Secondary 3 · Role of Accounting and the Accounting Information System · 1.º Período

The Accounting Equation and Elements

This topic introduces the fundamental accounting equation and the five elements of accounting. Students learn how business transactions affect the accounting equation.

MOE Syllabus OutcomesMOE POA Syllabus Section 2.1: Accounting ElementsMOE POA Syllabus Section 2.2: The Accounting Equation

About This Topic

This topic introduces the fundamental accounting equation and the five elements of accounting. Students learn how business transactions affect the accounting equation.

Key Questions

  1. What are the five elements of accounting?
  2. How is the accounting equation formulated?
  3. How do transactions impact the accounting equation?

More in Role of Accounting and the Accounting Information System

The Role of Accounting and Stakeholders

Students explore the purpose of accounting and identify the various internal and external stakeholders who rely on accounting information. They will understand the ethical values required in the accounting profession.

2 methodologies

Source Documents and Books of Prime Entry

Students examine the flow of information from source documents to books of prime entry. They will learn to record transactions in journals and cash books.

2 methodologies

The Double Entry System and Ledgers

This topic covers the principles of the double-entry system and the posting of journal entries to ledger accounts. Students will practice balancing ledger accounts at the end of a period.

2 methodologies