What is Accounting Equation Formula? The term “accounting equation” refers to one of the basic principles of accounting that forms a fundamental element of the balance sheet. It is the base of double-entry accounting technique and it underlines the structure of the balance sheet. Payroll Accounting Standard Costing Accounting Pronouncements Organizations AccountingCoach.com’s Accounting Cheat Sheet is a quick reference and overview of accounting concepts. You should consult a professional accountant and/or the accounting profession’s official pronouncements for specific situations and for more complete information ...

The LCM (Lower of Cost or Market) method is an accounting principle that uses a balance between the cost of a product and its market value. The quiz, which can be used before and after the lesson, covers topics including the acquisition price and replacement cost of inventory.