Question

After entering a transaction into the accounting equation, an increase in total assets can be accompanied by a(n) (increase/decrease) in total liabilities and/or (equity/assets) . (Enter one word per blank.)

Answer 1

In an accounting equation, an increase in total assets can be accompanied by an increase in total liabilities and equity.

What do you mean by the accounting equation?

The essential accounting equation, additionally known as the balance sheet equation, represents the connection among the assets, liabilities, and owner's fairness of someone or business.

It is the foundation for the double-entry bookkeeping system. For every transaction, the overall debits are equal to the overall credits.

Therefore, In an accounting equation, an increase in total assets can be accompanied by an increase in total liabilities and equity.

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