Asked by
Amahri Johnson
on Dec 16, 2024
Verified
Which one of the following could represent the expanded basic accounting equation?
A) Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses.
B) Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues.
C) Assets - Liabilities - Owner's Drawings = Owner's Capital + Revenues - Expenses.
D) Assets = Revenues + Expenses - Liabilities.
Basic Accounting Equation
Assets = Liabilities + Owner’s equity.
Assets
Economic resources owned or controlled by an individual, company, or entity, expected to provide future benefits.
Liabilities
Financial obligations or debts owed by a business to external parties or creditors.
- Scrutinize transactions by utilizing the core and augmented accounting formulas.
Verified Answer
MO
Learning Objectives
- Scrutinize transactions by utilizing the core and augmented accounting formulas.
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