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3.2. Accounting Equations liabilities and equity claims). The equation that underlies the balance sheet is also known as the “basic accounting equation.” A company’s financial position is reflected using the following equation:
Equation (1a)
<span>Assets = Liabilities + Owners’ equity
Presented in this form, it is clear that claims on assets are from two sources: liabilities or owners’ equity. Owners’ equity is the residual claim of the owners (i.e., t
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