Accounting Equations
I am an Accountant turned Data Analyst/Scientist with a passion for uncovering insights through data! With expertise in accounting, financial analysis and hands-on experience on data analysis and science, leveraging on different tools like Microsoft Excel, SQL, Python, Power-BI for managing relational database, query and manipulating database, data cleaning, exploratory data analysis (EDA), data visualization, presentation and building machine learning models. I'm driven by the power of data to solve real-world problems. Some of my projects include:
The Kaggle titanic project where I explored the depths of exploratory data analysis, data cleaning, manipulation and visualization with Python and its powerful libraries. See attached https://github.com/BalogunEzekiel/3MTTOgun20DaysOfChallenge/blob/main/Day%203%20Challenge.ipynb The Vintage Motors - Business Solution Using Power BI Dashboard Visualization. See attached https://www.linkedin.com/pulse/business-solution-using-power-bi-dashboard-ezekiel-balogun-omitf?utm_source=share&utm_medium=member_android&utm_campaign=share_via
Join me as I combine my financial acumen with tech skills to push boundaries and share with you everything you need to know about data analytics, data science, software development, UI/UX, animation, AI/ML, cyber security, DevOps, cloud computing, etc to be successful in your tech journey and career.
Let’s connect by you clicking on "Follow" tab to explore the future of tech and data-driven success together!
All my projects are available on my portfolios: GitHub: https://github.com/BalogunEzekiel LinkedIn: https://www.linkedin.com/in/ezekiel-balogun-39a14438
Money Made Easy: Simple Equations to Understand Business and Finance as a Techprenueur.
The basic accounting equation is the foundation of the double-entry accounting system. It shows the relationship between a company's assets, liabilities and equity. The accounting equation is:
Assets = Liabilities + Equity
Here’s a breakdown of the components:
1. Assets: Resources owned by the business (e.g cash, inventory, property, and equipment).
2. Liabilities: Obligations or debts the business owes to others (e.g loans, accounts payable).
3. Equity: The owner’s claim on the assets after liabilities are settled. This includes retained earnings and contributed capital.
In addition to this basic equation, here are some related accounting equations:
1. Expanded Accounting Equation:
Assets = Liabilities + Owner's Capital + Revenues - Expenses - Owner's Drawings
This includes the breakdown of equity into owner’s capital, revenues, expenses and drawings.
2. Net Income Equation:
Net Income = Revenues - Expenses
Net income affects equity by increasing retained earnings.
3. Retained Earnings Equation:
Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends.
4. Working Capital Equation:
Working Capital = Current Assets - Current Liabilities
This equation helps measure a company's short-term liquidity.
These equations help accountants ensure the financial statements are balanced and accurate.
I urge you not to miss my next release for continuation of the series.
If you found the article helpful, feel free to:
Like it to show your support
Share it to others who might benefit from it.
Repost it if it aligns with your content.
Leave a comment below - I'd love to hear your thoughts or answer any questions you have.
