Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 41 - No. 18)
Which of the following statements is correct about the accounting equation?
Assets always equal liabilities.
Assets always equal equity.
Assets are the sum of liabilities and owner's equity.
The sum of liabilities and assets equals equity.
Explanation
The fundamental accounting equation is Assets = Liabilities + Owner's Equity.
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