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✨ Answer✨
This formula, also known as the balance sheet equation, shows that what a company owns (assets) is purchased by either what it owes (liabilities) or by what its owners invest (equity).
✨ Explanation✨
⇒Balancing assets, liabilities, and equity is also the foundation of double-entry bookkeeping—debits and credits. Without understanding assets, liabilities, and equity, you won't be able to master your business finances. Debt could pile up even while cash is coming in fast