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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The accounting equation may be expressed as

  1. (a) Assets = Liabilities – Owner’s Equity.
  2. (b) Assets = Liabilities + Owner’s Equity.
  3. (c) Liabilities = Owner’s Equity − Assets.
  4. (d) all of the above.

To determine

Show the expression of accounting equation.

Explanation

Justification for the incorrect answer:

Option (a) is incorrect because the accounting equation expressed in the form of equation as Assets = Liabilities + Owner’s equity .

Option (c) is incorrect because the accounting equation expressed in the form of equation as Assets = Liabilities + Owner’s equity .

Option (d) is incorrect because the accounting equation expressed in the form of equation as Assets = Liabilities + Owner’s equity .

Justification for the correct answer:

Option (b)

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a company and claims of resources to creditors and owners

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