Question

6. What is Accounting Equation?​

Answer 1

The fundamental accounting equation, also called the balance sheet equation, represents the relationship between the assets, and liabilitiesof a person or business. It is the foundation for the double-entry bookkeeping system. For each transaction, the total debits equal the total credits. 

Answer 2

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The fundamental accounting equation, also called the balance sheet equation, represents the relationship between the assets, and liabilitiesof a person or business. It is the foundation for the double-entry bookkeeping system. For each transaction, the total debits equal the total credits.