객관식
Which equation expresses the fundamental accounting equation?
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1. Introduction to Accounting
Fundamental Accounting Equation
객관식
Which of the following represents the fundamental accounting equation, also known as the basic wealth formula?
A
Assets = Revenues - Expenses
B
Owner's Equity = Assets - Revenues
C
Assets = Liabilities + Owner's Equity
D
Liabilities = Assets + Owner's Equity
검증된 단계별 안내1
Understand that the fundamental accounting equation is the cornerstone of financial accounting, representing the relationship between a company's resources (assets), obligations (liabilities), and ownership interest (owner's equity).
Recall the correct formula for the fundamental accounting equation: \( \text{Assets} = \text{Liabilities} + \text{Owner's Equity} \). This equation ensures that the balance sheet remains balanced.
Analyze why the other options are incorrect: For example, \( \text{Assets} = \text{Revenues} - \text{Expenses} \) is not correct because revenues and expenses are part of the income statement, not the balance sheet. Similarly, \( \text{Liabilities} = \text{Assets} + \text{Owner's Equity} \) is incorrect because liabilities are not the sum of assets and equity.
Recognize that the fundamental accounting equation is used to prepare the balance sheet, which provides a snapshot of a company's financial position at a specific point in time.
Apply this equation in practice by ensuring that any transaction affecting assets, liabilities, or owner's equity maintains the balance of \( \text{Assets} = \text{Liabilities} + \text{Owner's Equity} \).
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