Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:
Financial statements: Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position. Financial statements include the following statements:
· Cash flow statement
· Income statement
· Balance sheet
· Statement of Owner's Equity
To Indicate: The effect of each given transaction of Company SNV on the accounting equation.
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