Question

Analyzing the accounting equation at the end of the month will reveal the following. Select all that apply. Multiple select question. revenues and expenses will change the equity account assets and liabilities will be reported on the income statement assets

Answer 1

The accounting equation should be analyzed at the closing of the month at the time when the revenues and expenses should vary equity account.

The following information should be considered:

• The accounting equation is the assets that are equivalent to the liabilities & equity, and the same should be shown in the balance sheet.
• The assets & liabilities do not show on the income statement.
• The revenues & expenses should vary equity account as the difference between the revenue and expense should be added or subtracted to the equity account.
• It means if the revenue is more than the expense, so it is an income, and the same should be added to the equity account, and vice versa.
• The increment & decrement of the cash should be shown under the cash flow statement.

Therefore we can conclude that The accounting equation should be analyzed at the closing of the month at the time when the revenues and expenses should vary equity account.

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