Question

what is 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.

Answer 2

The accounting equation is considered to be the foundation of the double-entry accounting system.

The accounting equation is considered to be the foundation of the double-entry accounting system. The accounting equation shows on a company's balance that a company's total assets are equal to the sum of the company's liabilities and shareholders' equity. The liabilities represent their obligations.

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