Which of the following equations best describes the accounting identity?
a. Long-term assets = Short-term assets + Equity.
b. Assets = Liabilities + Equity.
c. Total claims = Liabilities + Equity.
d. Short-term assets = Cash + Receivables.
e. Long-term liabilities = Notes + Bonds.
Ans: d. Short-term assets = Cash + Receivables.
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