Asked by Justin Berry on Jul 17, 2024
Verified
The accounting equation can be restated as: Assets − Equity = Liabilities.
Accounting Equation
A fundamental principle in accounting that states assets equal liabilities plus equity, forming the foundation of double-entry bookkeeping.
- Gain insight into the relevance and implementation of the accounting equation.
Verified Answer
DT
David TabliganJul 22, 2024
Final Answer :
True
Explanation :
This is a restatement of the accounting equation where assets are equal to liabilities plus equity. By rearranging the equation, we can solve for any of the three components.
Learning Objectives
- Gain insight into the relevance and implementation of the accounting equation.