![]() ![]() The accounting equation connotes two equations that are basic and core to accrual accounting and double-entry accounting system. ![]() Accounting equation can be simply defined as a relationship between assets, liabilities and owner’s equity in the business. Under which, the debit always equal to credit, and assets always equal to the sum of equities and liabilities. The accounting equation summarizes the essential nature of double-entry system of accounting.
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