Each part of a business transaction is recorded in the accounting equation under a specific account.

Name: Each part of a business transaction is recorded in the accounting equation under a specific account.
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Question

Quizplus · Accepted Answer

This statement is true. The accounting equation (Assets = Liabilities + Equity) is used to record every transaction in a business, with each transaction affecting one or more accounts within the equation.

Each Part of a Business Transaction Is Recorded in the Accounting