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Questions and Answers
What does the basic accounting equation express?
What does the basic accounting equation express?
- The relationship between assets and revenue
- The relationship between expenses and owners equity
- The relationship between revenue and expenses
- The relationship between assets, liabilities, and equity (correct)
In the expanded accounting equation, what is owners equity equal to?
In the expanded accounting equation, what is owners equity equal to?
- Liabilities
- Revenues (correct)
- Expenses
- Assets
What is considered in the expanded accounting equation?
What is considered in the expanded accounting equation?
- Liabilities and equity
- Revenue and expenses (correct)
- Assets and expenses
- Revenue and liabilities
