true or false?The basic accounting equation is A= L + P.?

Question

HELP ME!!!!!PLEASE

Answer 1

If P stands for profit, then the answer is False.

The accounting equation for a sole proprietorship is:
Assets = Liabilities + Owner’s Equity

The accounting equation for a corporation is:
Assets = Liabilities + Stockholders’ Equity

Owner's Equity and Stockholders' Equity include capital and profit (or loss), so your question has omitted to mention capital, that's why it's false.

Answer 2

I always thought it was A=L+SE Assets=Liabilities + Stockholder's Equity At least that's what I remember from 2 years of accounting.

Answer 3

True