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Question
The accounting equation i.e. Assets = Capital + liabilities is based on _________________.
The accounting equation i.e. Assets = Capital + liabilities is based on _________________.
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Solution
The correct option is D None of these
The accounting equation i.e. Assets = Capital + liabilities is based on the dual entry concept.
This equation is based on the Balance Sheet.
As per the Dual Entry Concept, for each transaction, there is an equal debit amount for each credit amount and vice versa.
Therefore, the correct answer for the above question is None of these.
The accounting equation i.e. Assets = Capital + liabilities is based on the dual entry concept.
This equation is based on the Balance Sheet.
As per the Dual Entry Concept, for each transaction, there is an equal debit amount for each credit amount and vice versa.
Therefore, the correct answer for the above question is None of these.
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