Accounting equation and its elements

Assignment Help Accounting Basics

Reference no: EM13259384

Which of the following is not a true statement about the accounting equation and its elements?

The accounting equation is Assets = Liabilities - Owners' Equity.

Assets are the resources a business possesses.

Liabilities represent debts of a business.

Examples of assets are cash, land, buildings, and equipment.

Owners' equity are the rights of the owners.

Reference no: EM13259384

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