general accounting subject. Which of the following equations best describes the accountingidentity?a. Long-term assets = Short-term assets + Equity.b. Assets Liabilities + Equity.c. Total claims = Liabilities + Equity.d. Short-term assets = Cash + Receivables.e. Long-term liabilities = Notes + Bonds.

The accounting identity on which the double-entry accounting system is based states that Assets =…

Answered: Which of the following equations best…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4DQ

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Which of the following equations best describes the accounting identity? a. Long-term assets = Short-term assets + Equity. b. Assets Liabilities + Equity. c. Total claims = Liabilities + Equity. d. Short-term assets = Cash + Receivables. e. Long-term liabilities = Notes + Bonds.