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.
If you will follow these rules, it will make your accounting life a lot easier. 1  You will always use both a debit and a credit for every journal entry. That is what the system of double-entry bookkeeping is based on. 2  Remember the format of the Accounting Equation where Assets = Liabilities + Owners Equity.