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Discussion Question What is the Accounting Equation and what do each of the elements represent ? Discuss why the Accounting Equation is the foundation of

Discussion Question

What is the Accounting Equation and what do each of the elements represent ?

Discuss why the Accounting Equation is the foundation of accounting.

Discuss what components of the accounting equation are primarily "Income" and what components are primarily "Balance Sheet".

Discuss two of the ways in which Owner's Equity (Capital) and change and the effects each would have on the Balance Sheet or Income Statement.

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