Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 6 - No. 25)
Which of the following describes the fundamental accounting equation?
Assets = Liabilities + Owner's Equity
Assets = Liabilities - Owner's Equity
Liabilities = Assets + Owner's Equity
Owner's Equity = Assets + Liabilities
Explanation
The basic accounting equation is Assets = Liabilities + Owner's Equity.
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