Overall, then, the expanded accounting equation is useful in identifying at a basic level how stockholders’ equity in a firm changes from period to period. Equivalent units is a cost accounting concept that is used in process costing for cost calculations. It is used in the derivation of the ending value of inventory for a reporting period. It can also be applied to gain a general idea of the additional costs required to convert work-in-process into finished goods.
- In reaction stoichiometry, it is the amount of one substance that reacts with one mole of another substance.
- Same, selfsame, very, identical, equivalent, equal mean not different or not differing from one another.
- The meaning of ‘equivalent’ generally refers to two numbers, expressions, or quantities with the same value.
- These examples are programmatically compiled from various online sources to illustrate current usage of the word ‘equivalent.’ Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors.
- Equivalent ratios, sometimes known as equivalent fractions, are ratios that have the same proportion to each other when put in simplest form.
Equivalent units of production is a term applied to the work-in-process inventory at the end of an accounting period. In essence, it is a relatively easy way to derive how much as been invested in goods that have not yet been completed and converted into finished goods. In short, if 100 units are in process but you have only expended 40% of the processing costs on them, then you are considered to have 40 equivalent units of production. ABC International has a manufacturing line that produces large amounts of green widgets. At the end of the most recent accounting period, ABC had 1,000 green widgets still under construction. The manufacturing process for a green widget requires that all materials be sent to the shop floor at the start of the process, and then a variety of processing steps are added before the widgets are considered complete.
The use of the equivalent symbol (as three bars) is frequently used in Unicode programming for computers, as well as in Boolean algebra. Venn diagrams use the concept of logical equivalence to establish the relationship between two algebraic expressions and functions. The concept of equivalence is also used in explaining the structural similarity between the chemical compounds.
Meaning of equivalent – Learner’s Dictionary
“Trying to get the balance between a natural increase as well as migration,” Mr McCrindle said. The spike comes after years of negative growth from migration when borders were closed during the coronavirus pandemic. While the 295,900 births and 189,900 deaths over the past 12 months remain similar to the historical averages, migration has surged Australia’s population. “The fact is, this record population increase is coming right at the time that there is infrastructure bottlenecks,” he told ABC News Channel.
These examples are programmatically compiled from various online sources to illustrate current usage of the word ‘equivalent.’ Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Some terminology may vary https://accounting-services.net/ depending on the type of entity structure. “Members’ capital” and “owners’ capital” are commonly used for partnerships and sole proprietorships, respectively, while “distributions” and “withdrawals” are substitute nomenclature for “dividends.”
How Are Equivalent Units of Production Used?
This annual growth is 41 per cent larger than the previous record when the population increased by 442,500 in 2009. These ratios can be multiplied or divided by their common factors, which can help simplify them. Equivalent ratios have different numbers in different forms, but their relationship is reflected only by their final value. The “hydrogen ion” and the “electron” in these examples are respectively called the “reaction units.” For another example, consider the balance sheet for Apple, Inc., as published in the company’s quarterly report on July 28, 2021.
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This is because the term equivalent in mathematical theory is a notion that has multiple meanings. Equivalent means that different terms and expressions with a similar value are considered equal in mathematical form. The basic accounting equation is used to provide a simple calculation of a company’s value, based on a comparison of equity and liabilities.
In simple words we can say that two things or quantities are equal when they are exactly the same like ½ is equal to ½ but ½ is equivalent to 2/4 as they represent the same value. Same, selfsame, very, identical, equivalent, equal mean not different or not differing from one another. In reaction stoichiometry, it is the amount of one substance that reacts with one mole of another substance. Equivalent concept is an archaic unit of measurement that was used in chemistry and the biological sciences in the era before researchers knew how to determine the chemical formula for a compound. Revenues and expenses are often reported on the balance sheet as “net income.”
For example, let’s say we are making a recipe that requires 1/2 cup of butter. To find equiavlent fractions, we multiply the numerator and denominator by the same number. Equivalent ratios are those which can express a similar or the same relationship between numbers or values. Equivalent implies amounting to the same thing in worth or significance. $1$ eqiv of a substance reacts with exactly $1$ equiv of another substances to produce $1$ equiv of each product.
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Stocks and other trading securities that can be easily sold on a public market are easily converted into cash that they can be considered cash for most financial reporting. By this definition, the number of equivalents of a given ion in a solution is equal to the number of moles of that ion multiplied by its valence. For example, consider a solution of 1 mole of NaCl and 1 mole of CaCl2.
The solution has 1 mole or 1 equiv Na+, 1 mole or 2 equiv Ca2+, and 3 mole or 3 equiv Cl−. Equivalent mass is molar mass divided by the n factor which isn’t always dependent on the other reactant. As a rule of thumb “One equivalence of one reactant reacts completely with one equivalence of another.”
These concepts of equivalence are extremely important in acid-base titration to determine equivalent amount meaning the neutralisation point. And also to know the equivalent mass you simply need to find the mass of one equivalent of a substance using mole concept. The meaning of ‘equivalent’ generally refers to two numbers, expressions, or quantities with the same value. There are many ways to express an equivalent quantity – it can be denoted either by a bar or an equivalent symbol.
Children find this topic very interesting for several reasons as they can relate to it in their daily lives. A certain amount of univalent ions provides the same amount of equivalents while the same amount of divalent ions provides twice the amount of equivalents. For example, 1 mmol (0.001 mol) of Na+ is equal to 1 meq, while 1 mmol of Ca2+ is equal to 2 meq. In a similar manner we can define equivalent for all other types of reactions, such that the main idea i.e. “1 eqiv of a substance reacts with exactly 1 equiv of another substances to produce 1 equiv of each product”, remains unaltered. Two mathematical expressions are said to be equivalent if they yield the same result upon solving them. Equal means same in all aspects, whereas equivalent means similar but not identical.