Chapter Two: Fundamentals of Accounting

About the chapter: This chapter focuses on understanding the elements of accounting and the basic equations upon which all financial operations are built. What you will learn: Elements of accounting, classification of accounts (income statement – balance sheet), the basic accounting equation, the effect of operations on the equation, the secondary accounting equation. The trusted references in the explanation: The primary reference: the book "Financial Accounting According to International Financial Reporting Standards" translated by the Saudi Organization for Certified Public Accountants. The secondary reference: the book "Principles of Accounting" by Wappel Al Wappel.