The description of the relationship between a company's assets,liabilities,and equity,which is expressed as Assets = Liabilities + Equity,is known as the:

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The accounting equation, which is Assets = Liabilities + Equity, is a fundamental concept in accounting and represents the relationship between a company's assets, liabilities, and equity. It is also commonly referred to as the balance sheet equation. Choice A is incorrect because the balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, and it includes information such as assets, liabilities, and equity. Choice C and D are not correct because they do not accurately reflect the specific accounting equation given. Lastly, choice E is incorrect because net income represents a company's revenue minus expenses, and it is not equivalent to or representative of the accounting equation.

The Description of the Relationship Between a Company's Assets,liabilities,and Equity,which