The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals.

Taylor Medine is a staff writer at Forbes Advisor who demystifies complex money topics to help everyday people make more informed financial decisions. Over her nearly a decade of experience, Taylor's ...

Fun-loving and adventurous, with a passion for sales and technology, Trevor grew up in Ontario and received an Honours Bachelor of Business Administration (Economics) from Wilfrid Laurier University.