Hi guys. Financial Reporting Mechanics LOS 22 has Concept Checkers, where in 4 question is asking - The accounting equation is least accurately stated as: A. owners equity=liabilities-assets. And that is correct answer. Tell me please, how can it be? Real formula: Assets=Owners equity+Liabilities (5=2+3). That means Owner equity=Asstes-Liabilities (2=5-3). But in this case 2=3-5 (2=-2). Thanks for answers.
It is clearly E= A - L .
Check errata, if not, report it directly to the CFAI.
OK, thx.
before you report === ask yourself to read the question slowly …
equation is least accurately stated as
so they want the wrong answer … which the above is …
I see…) U r right cpk123. Thanks.