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what is the meaning of basic accounting equation. An exchange of cash for merchandise is a transaction. What is the accounting equation.
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The basic accounting equation helps us to determine the true state of a companys financial situation. Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials Read all 2240 Testimonials. Assets Liabilities Owners Equity.
Assets Liabilities Owners Equity.
Assets are the items that belong to you and you are the owner of it. Assets Liabilities Owner Equity. It shows that every asset owned by the company is equal to the claims liabilities and equity against the asset. The accounting equation is a simple way to view the relationship of financial activities across a business.
