Companies classify transactions into common accounts that are components of the [...]
Answer
five financial statement elements: assets, liabilities, equity, revenue, and expense.
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Summary #13;
Business activities can be classified into three groups: operating activities, investing activities, and financing activities.
Companies classify transactions into common accounts that are components of the <span>five financial statement elements: assets, liabilities, equity, revenue, and expense.
The core of the accounting process is the basic accounting equation: Assets = Liabilities + Owners’ equity.
The expanded accounting equation is Assets =
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