Which financial statement is most similar to the accounting equation?
Answer and Explanation: Option B: The balance sheet is the correct option. The balance sheet also represents the true position of the organization. The financial statement and balance sheet are similar in accounting equation as both depend on asset and liability of the organization.
Which financial statement proves that the accounting equation is in balance?
Balance sheet.\n\n It proves that the accounting equation (Assets = Liabilities + Owner's Equity) is in balance.
Which of the statements correctly represents the accounting equation?
Thus, the accounting equation is: Assets = Liabilities + Owner's equity.
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