Which of these is not included as a separate item in the accounting equation? (2024)

FAQs

Which of the following is not included as a separate item in the accounting equation? ›

Basic accounting equation is Assets= Capital + Liabilities, hence Revenues is not a part of the basic accounting equation.

The answer for this question is Revenue.

therefore we know that the answer is revenue. To Know more: Which of these is not included as a separate item in the basic accounting equation? Assets revenues liabilities stockholders equity.

Wait a minute…the accounting equation is ASSETS = LIABILITIES + EQUITY and it does not have revenue or expenses…

The basic accounting equation includes assets, liabilities, and equity as separate items.

The fundamental accounting equation, as mentioned earlier, states that total assets are equal to the sum of the total liabilities and total shareholders equity.

Answer. Answer: Accounting have concept of Matching, Dual aspect and Going concern but there is no concept of true and fair concept.

<li> tag is used to separate single list items.

The semicolon divides the items on the list from each other, to avoid having a jumble of commas with differing functions which could cause confusion for the reader.

The horizontally oriented cells and the associated data are referred to as rows. Grid is the only selection that is not included in the table.

Expert-Verified Answer. Answer: Accounting Cycle does not include verification.

Which transactions are not recorded in accounting equation? ›

Events or transactions that do not cause any impact on the account balances are not recorded. Transactions that do not bring a change in the financial position of business are not recorded.

Cash flow is the correct answer. Cash flow refers to the inflow and outflow of cash during the two balance sheet dates and is presented in three sections, i.e., operating, investing, and financing activities. It is not included in the basic accounting equation.

Basic accounting concepts used in the business world cover revenues, expenses, assets, and liabilities. These elements are tracked and recorded in documents including balance sheets, income statements, and cash flow statements.

The correct answer is B)

Accounts payable is a liability and is an amount of the company's value owed to outside parties at a future date.

Answer: B) Balance sheet.

Explanation: The balance sheet is not a basic element of financial statements.

The main functions of accounting are to keep an accurate record of financial transactions, to create a journal of expenditure, and to prepare this information for statements that are often required by law. Creating liabilities is not an accounting function.