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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What is the relationship between the accounting equation and the double-entry system of recording journal entries?
Explain the relationship between the accounting equation and the double-entry system of recording journal entries.
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:
Double-entry accounting system:
Double-entry accounting system is used by companies to record journal entr
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