what is account equations

Answers

Answer 1

Account equations are mathematical relationships used in accounting to record various financial transactions and help ensure that the accounting records remain accurate and balanced.

What are account equations and how are they used in accounting?

Account equations serve as the foundation of double-entry bookkeeping, which is the system used in accounting to maintain accurate financial records.

The fundamental equation in double-entry bookkeeping is known as the accounting equation or the balance sheet equation which states that Assets = Liabilities + Owner's Equity.

This equation reflects the principle that every financial transaction affects at least two accounts and that the total value of assets must always be equal to the total value of liabilities and owner's equity.

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Related Questions

• What is the range in battery life for each data set? (make it clear which range value is for
Brand X and Brand Y) (1 point)
• Using the ranges you found, describe the comparison in battery life for the brands. (1 point)

Answers

The range in battery life for each data set are Brand X: 11 and Brand Y: 17

The brand Y batteries last longer

How to determine the range in battery life for each data set

From the question, we have the following parameters that can be used in our computation:

The box plots

Where, we have

Brand X: 10 to 21

Brand Y: 6 to 23

The range is the difference between the boundaries

So, we have

Brand X: 21 - 10 = 11

Brand Y: 23 - 6 = 17

Comparing the battery life for each data set

In (a), we have the range to be

Brand X: 11

Brand Y: 17

The above means that the brand Y batteries last longer than the brand X battery

This is because it has more spread i.e. bigger range


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