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Accounting Equation — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounting Equation1 Mark
Question
Briefly explain the Accounting Equation.
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Answer

The accounting equation is a mathematical equation which shows that the assets and liabilities of a firm are equal, i.e., Assets = Liabilities + Capital. It is based on Dual Aspect Concept of Accounting.

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