Which of the following assets held by a cash basis accounting firm is a §1231 asset? Group of answer choices a. An investment in Orange Company common stock. b. An account receivable from a client. c. A computer used in the business and held for 11 months. d. A desk used in the business and held more than one year.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is