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Accounting equation is the equation which shows the relationship among the three elements of the balance sheet namelyAssets, Liabilities and Owners' equity of a business. It is used to calculate the net worth of a company in terms of its assets, LIABILITIES and OWNER'S EQUITY. The equation must be in balance after every recorded transaction in the system.
Accounting equation is the equation which shows the relationship among the three elements of the balance sheet namelyAssets, Liabilities and Owners' equity of a business. It is used to calcu…