Chapter 1
The first chapter of the book “The Accounting Game” by Mullis and Judith provided an overview of the key factors of financial statements, such as cash, original investment, assets, expenses, and balance sheets, etc. It is indicated that debits and credits are equal (Mullis and Judith 17). For instance, one invested $5 in the business and earned $5 in this case cash (debit) and invested capital (credit) will be equal. In addition, if one borrows $ 10 from anyone, it will be cash in hand on one hand, but on the other hand, it will be one’s liability because ...
