accounting equation definition

accounting equation

Assets = liabilities + owners' equity. The most fundamental equation of double-entry bookkeeping system, it expresses the relationship between what is owned and what is owed by an entity.

accounting equation is in the Accounting & Auditing and Banking, Commerce & Finance subjects.

accounting equation appears in the definitions of the following terms: double-entry bookkeeping, balance sheet, account, income statement, accounting entity and accounting concepts

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