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Questions and Answers
Which of the following statements accurately describes the accounting equation?
Which of the following statements accurately describes the accounting equation?
- Assets = Liabilities + Owner's Equity (correct)
- Assets + Liabilities = Owner's Equity
- Assets - Liabilities = Owner's Equity
- Assets = Liabilities - Owner's Equity
What is the relationship between Assets, Liabilities, and Owner's Equity in the accounting equation?
What is the relationship between Assets, Liabilities, and Owner's Equity in the accounting equation?
- Liabilities + Assets = Owner's Equity
- Liabilities - Assets = Owner's Equity
- Assets - Liabilities = Owner's Equity
- Assets + Liabilities = Owner's Equity (correct)
Which of the following is an example of an asset in the accounting equation?
Which of the following is an example of an asset in the accounting equation?
- Owner's Equity
- Accounts Payable
- Retained Earnings
- Accounts Receivable (correct)
