what is accounting equation
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Accounting equation:-
The fundamental accounting equation, also called the balance sheet equation, represents the relationship between the assets, and liabilities of a person or business.
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The accounting equation is the basic element of the balance sheet and the primary principle of accounting. ... It is the base of the double-entry accounting system.
Also known as the balance sheet equation, the accounting equation formula is Assets = Liabilities + Equity. This equation should be supported by the information on a company's balance sheet.
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