Regarding the Accounting Equation,which of the Following Is a Correct

question 192

Multiple Choice

Regarding the accounting equation,which of the following is a correct statement?

• A) The accounting equation is made up of three parts.
• B) The accounting equation is the basic tool of accounting.
• C) Assets - Liabilities = Equity.
• D) All of the statements are correct.

---

Definitions:

Industry-specific

Pertains to aspects or characteristics unique to a particular industry or sector.

Lemons

A colloquial term in economic theory often referring to products of inferior quality sold because of asymmetric information between buyers and sellers.

Plums

A type of fruit belonging to the genus Prunus, known for its juicy and sweet flesh.

Distinguish

To recognize or point out the differences between two or more things or to identify as distinct.