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How the accounting equation applies to businesses

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Reference no: EM132627776

Question 1: Which of the following statements explain(s) how the accounting equation applies to businesses?

Check all that apply.

Option 1: The equation states that Assets = Liabilities + Equity.

Option 2: The equation reflects the fact that, at any point in time, total revenues will always equal total liabilities and assets.

Option 3: The equation applies to all transactions.

Option 4: The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners.

Option 5: The equation states that Revenues - Expenses = Assets.

Option 6: The relation of assets, liabilities and equity is reflected in the equation.

Reference no: EM132627776

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