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Which statement related to roles and conformity is NOT true?
Accounting Equation
The fundamental formula in accounting that represents the relationship between an entity's assets, liabilities, and equity (Assets = Liabilities + Equity).
Liabilities
Financial obligations or debts that a company owes to others, payable in money, goods, or services.
Owner's Equity
Represents the owner’s claims on the assets of a business, calculated as the business’s total assets minus its total liabilities.
Accounting Equation
The fundamental equation of double-entry bookkeeping, reflecting that assets equal liabilities plus owner's equity.
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