Accounting Equation Cheat Sheet

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Take our quick test this graded. Web assets = liabilities + owners’ equity liabilities and owners’ equity are the two basic types of claims on the assets of an entity. Assets assets assets = liabilities = liabilities = liabilities owner’s equity (sole proprietorship). Web the accounting equation is a basic principle of accounting and a fundamental element of the balance.

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Take our quick test this graded. Web our accounting equation cheat sheet provides eight transactions to illustrate why and how the accounting equation remains in balance. The equation is as follows: Web assets = liabilities + owners’ equity liabilities and owners’ equity are the two basic types of claims on the assets of an entity.