The correct version of the accounting equation is:
A) liabilities = assets + equity.
B) equity = assets + liabilities.
C) assets = equity + liabilities.
D) none of the above.
Correct Answer:
Verified
Q1: Which statement concerning the reserves component of
Q5: Despite the uncertainty in relation to the
Q14: Which of these is not an asset?
A)Accounts
Q15: Identify the liability.
A) Drawings.
B) Prepaid insurance.
C) Accounts
Q17: If liabilities are $45,000 and equity is
Q20: Another name for accounts receivable is:
A) debtors.
B)
Q23: Calculate equity.Cash at bank $3,400; inventory $1,200;
Q26: Identify the current liability.
A)Wages owing.
B)Loan from B
Q31: The effect on the statement of financial
Q34: Identify the current asset.
A)Fixtures and fittings.
B)Inventory.
C)Delivery vehicle.
D)Loan
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