Answered: What is the accounting equation? a)…

What is the accounting equation? a) Assets = Liabilities + Equity b) Revenue = + Net Income c) Assets = + Expenses Expenses Liabilities d) Equity = Revenue + Expenses

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 3MC: Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B....

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Question

What is the accounting equation? a) Assets = Liabilities + Equity b) Revenue =
+ Net Income c) Assets
=
+
Expenses
Expenses Liabilities d) Equity = Revenue + Expenses

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