AND 100% CORRECT WELL DETAILED
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Accounting Equation - ANSWER Assets = Liabilities + Equity
Assets - ANSWER Anything owned of value or a resource of value that has potential to
be turned into cash - Buildings, equipment, etc.
Liabilities - ANSWER What's owed to others - Loans, unpaid bills, etc.
Equity - ANSWER Owners stake in the company - How much they've invested or
withdrawn
A balance sheet is... - ANSWER The accounting equation displayed as a financial
statement
T/F: A business's assets can never equal more or less than the sum of its liabilities and
equity. - ANSWER True
Revenue and expenses on an income statement summarize financial performance through
calculation of...? - ANSWER Revenue MINUS expenses
Balance sheets determine... - ANSWER Net income or net loss for specified time
periods
1
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Accounting Equation - ANSWER Assets = Liabilities + Equity
Assets - ANSWER Anything owned of value or a resource of value that has potential to
be turned into cash - Buildings, equipment, etc.
Liabilities - ANSWER What's owed to others - Loans, unpaid bills, etc.
Equity - ANSWER Owners stake in the company - How much they've invested or
withdrawn
A balance sheet is... - ANSWER The accounting equation displayed as a financial
statement
T/F: A business's assets can never equal more or less than the sum of its liabilities and
equity. - ANSWER True
Revenue and expenses on an income statement summarize financial performance through
calculation of...? - ANSWER Revenue MINUS expenses
Balance sheets determine... - ANSWER Net income or net loss for specified time
periods
1
