The accounting equation:
A) requires equilibrium of resources and the claims on those resources.
B) requires at least one entry to record a transaction.
C) provides the structure for the income statement.
D) is another name for the balance sheet.

Question

Quizplus · Accepted Answer

Both sides of the accounting equation must always be equal. Resources, or assets, must equal claims on those resources, or liabilities plus owner's equity

The Accounting Equation