Here the question and the book

1. The accounting Equation is as under:
Assets = Liabilities + Shareholders Funds
Thus, for recording of every transaction, the equation helps to explain the relationship between assets, liabilities or shareholders fund.
2. Accounting is a transformative process since it has helped the organizations to keep track of their financial information and also help the stakeholders of the company to analyze the performance of the company.
3. An Asset is said to be a Current Asset if the asset is expected to be sold or to be used within a period of 1 year. Long...