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Accounting equation
The accounting equation states that the sum of the assets and expenses must be equal to the sum of the liabilities, equity and revenue of the business. This is the equation that the general ledger or an accounting system must keep balanced.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Accounting
- Category: Accountancy
- Company:
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- Acronym-Abbreviation:
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