Accounting in Action

What is the basic accounting equation?

Answers

We can express the relationship between assets, liabilities, and owner's equity as an equation, as shown below

Assets       =       LIabilities       =       Owner's Equity

This relationship is the basic accounting equation

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Completing the Accounting Cycle  Adjusting the Accounts  Accounting for Merchandising Operations  The Recording Process  Accounting in Action  Inventories  Plant Assets, Natural Resources, and Intangible Assets  Accounting for Receivables  Accounting Information Systems  Corporations: Dividends, Retained Earnings, and Income Reporting  Current Liabilities and Payroll Accounting  Job Order Costing  Sets  Long-Term Liabilities