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22 September, 18:03

Assets + liabilities = owner's equity is the fundamental bookkeeping equation. True False

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  1. 22 September, 20:36
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    Answer: The answer is FALSE.

    Step-by-step explanation: The given equation is

    Assets + liabilities = owner's equity.

    The given equation is FALSE. Because, the fundamental book keeping equation is defined and represented as follows:

    The fundamental book keeping equation, also called the balance sheet equation, describes the relationship between the assets, liabilities, and owner's equity of a person.

    The bookkeeping equation is given by

    Assets = liabilities + owner's equity.

    Thus, the given equation is FALSE.
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