Question

definition of
accounting equation​

Answer 1

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

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Answer 2

$\huge\mathbb{\red A \pink{N}\purple{SW} \blue{E} \orange{R }}$

⟹ The accounting equation is a basic principle of accounting and a fundamental element of the balance sheet. Assets = Liabilities + Shareholder's Equity. This equation sets the foundation of double-entry accounting and highlights the structure of the balance sheet.