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The basic accounting equations fundamental relationship is that assets must be equal to the sum of liabilities and the owners equity. The basic accounting equation is ALOE. Part of these assets is provided by the owner total amount of funds contributed by him is called owners equity or capital.
About This Quiz Worksheet. In order to carry out business activities the company needs funds. T ACCOUNT -a simplified account.
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Costs Included in Inventory. CREDIT -right side of an account. Fill In The Blanks ˇ ˆ.
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