The 2016 Color of the Year is â CLARET! How does Claret fit in the Fiesta family of colors? Quite nicely, we must say. Check out the entire spectrum here: Ivory, Slate, Sage, Claret, Scarlet, Poppy, Tangerine, Sunflower, Lemongrass, Shamrock, Turquoise, Lapis, Cobalt, Paprika, and White. Claret is a high-fashion color that fills a void in the Fiesta spectrum.
The fundamental concept underlying present-day bookkeeping and accounting. Double entry accounting is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts.
In contrast to single-entry accounting, double-entry accounting allows for the recording of assets and liabilities. In single-entry accounting, individuals record transactions as either a revenue or expense. Double-entry accounting takes advantage of the accounting equation in which assets equal liabilities plus shareholdersâ equity. The recording of assets, liabilities and shareholdersâ equity allows you to prepare a balance sheet.