What is the relationship between the accounting equation and the balance sheet?
What is the relationship between the accounting equation and the balance sheet?
Homework Answers
Accounting equation is the foundation of double entry system and accounting equation ensures that every debit has one credit and vice versa.Accounting equation is total of assets = total of liabilities and shareholders equity.Every transaction results in change in composition of accounting equation and this change carries the same change in the value of assets, liabilities and shareholders equity. Accounting equation is directly related to balance sheet and balance sheet responds to every change in accounting equation.
Accounting equation is a breakdown of the values entered in the balance sheet. Any change in accounting equation bring the same change in balance sheet. Accounting equation is also called balance sheet equation
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What is the relationship between the accounting equation and the
balance sheet?
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following income state items:
Income statement item:
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Interest expense
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Income tax expense
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Identify the balance sheet accounts that are related to the
following income state items:
Income statement item:
Gain resulting from acquisition of joint venture
Loss on extinguishment of debt
Interest expense
Interest income
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