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Accountant prepared a balance sheet for business

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Reference no: EM133360114

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An accountant prepared a balance sheet for a business. In the balance sheet, the equity of the owner was shown next to the liabilities. This confused the owner, who argued: My equity is my major asset and so should be shown as an asset on the balance sheet. How would you explain this misunderstanding to the owner?

Reference no: EM133360114

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