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Which of the following equations best describes the accounting identity for a not-for-profit organization? Assets = Liabilities + Equity. Net assets = Liabilities + Equity.

Which of the following equations best describes the accounting identity for a not-for-profit organization?

Assets = Liabilities + Equity.

Net assets = Liabilities + Equity.

Assets = Liabilities + Net assets.

Net assets - Liabilities = Equity.

Liabilities = Assets + Equity.

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