1
Question
What is
the basic accounting equation?
What is the basic accounting equation?
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Solution
The basic
accounting equation is,
Assets =
Liabilities + Capital
It means
that all the monetary value of all assets of a firm are equal to the
total claims, viz. owners and outsiders.
The basic accounting equation is,
Assets = Liabilities + Capital
It means that all the monetary value of all assets of a firm are equal to the total claims, viz. owners and outsiders.
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