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Which of the following is not a component of the accounting equation?
Practice Questions
Q1
Which of the following is not a component of the accounting equation?
Assets
Liabilities
Equity
Revenue
Questions & Step-by-Step Solutions
Which of the following is not a component of the accounting equation?
Steps
Concepts
Step 1: Understand the accounting equation, which is Assets = Liabilities + Equity.
Step 2: Identify the components of the accounting equation: Assets, Liabilities, and Equity.
Step 3: Recognize that Revenue is not listed as one of the components of the accounting equation.
Step 4: Conclude that Revenue is the correct answer to the question, as it is not a component of the accounting equation.
No concepts available.
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