what is accounting equation
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The accounting equation whereby assets = liabilities + shareholders' equity is calculated as follows: Accounting equation = $157,797 (total liabilities) + $196,831 (equity) equal $354,628, (which equals the total assets for the period
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The accounting equation, also known as the balance sheet, represents the relationship between the assets, liabilities and owners equality of a person or business, It is the foundation for the double-entry bookkeeping system.
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