Lesson · Accounting foundations
How a business keeps score: the accounting equation on Baobab's first day of the year
State the accounting equation and read it off Baobab's opening trial balance.
8 minutes Standard as at 29 October 2026
What you will be able to do
- State the accounting equation and read it off Baobab's opening trial balance
- Classify each opening balance as an asset, liability or equity
This is a preview of a member lesson. The full lesson is in the Accounting foundations library, open to everyone who enrols.
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IFRS and SAM, one requirement at a time
Each week you get the Institute's new articles: one requirement of IFRS 17, IFRS 9, IFRS 15, IFRS 18 or SAM, worked on a South African case. You start with the free IFRS 18 readiness checklist, ten areas to work through before IFRS 18 takes effect, each with its paragraph reference.