Analyze routine economic events—transactions—and record their effects on acompany’s financial position using the accounting equation format.

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A:

Q: How does the time period assumption affect an accountant's analysis of business transactions ?

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A:

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A: Definition:

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Q: chart of accounts

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Q: Analyze business transactions using the accounting equation.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is