Which of the following statements explain(s) how the accounting equation applies to businesses? Check all that apply The equation states that Revenues - Expenses = Assets. The equation applies to all business transactions The equation reflects the fact that, at any point in time, total revenues will always equal total liabilities and assets. The relation of assets, liabilities and equity is reflected in the equation The equation states that Assets = Liabilities Equity The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners