Question

Explain accounting equation with examples. How are the revenue and expenses account related to it?​

Answer 1

Assets

Explanation:

Assets = Liabilities + Equity; Revenues increase equity, while expenses decrease equity.

Answer 2

Explanation:

in the basic accounting equation, liabilities and equity equal the total amount of assets. The accounting formula is: Assets = Liabilities + Equity. Because you make purchases with debt or capital, both sides of the equation must equal. Equity has an equal effect on both sides of the equation.

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