The basic formula A = L + C contains the account balances for assets, liabilities and capital at the end of the period. The basic accounting formula is one of the fundamental underpinnings of accounting, since it forms the basis for the recordation of all accounting transactions. That is also why balance sheet is the last financial statement prepared at the end of the period. In essence, a business uses liabilities and shareholders' equity to obtain sufficient funding for the assets its needs to operate. The formula is: Assets = Liabilities + Shareholders' Equity. Can you remember this? The first step in creating an acronym as a mnemonic device is to break the equation down into its initials, as I have, above. All Rights Reserved. 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