Which of the following formulations of the accounting equation is incorrect?
a. assets - liabilities = equity
b. assets = liabilities + equity
c. assets = liabilities + opening equity + (revenues - expenses) + (owner additions to – withdrawals from equity)
d. assets = liabilities - equity
d
Business
You might also like to view...
The most commonly used measure of similarity is the ________ or its square
A) euclidean distance B) city-block distance C) Chebychev's distance D) Manhattan distance
Business
A Chapter 13 personal bankruptcy is characterized by all of the following except
A) you continue to pay at least a portion of most of your debts. B) you maintain title and possession of your assets. C) your creditors vote on restructuring your debt repayments. D) a new debt repayment schedule is determined. E) you get relief from harassment by bill collectors.
Business