Question: You have recently completed Chapter 2 in your introductory accounting course and have been enthusiastically explaining the accounting equation to all of your friends. One

You have recently completed Chapter 2 in your introductory accounting course and have been enthusiastically explaining the accounting equation to all of your friends. One of your friends reports that he took accounting last year and that actually there isn't just one accounting equation. For example, he says that in addition to the equation Assets = Liabilities + Owners' Equity, there are also the equations Revenues = Assets, Net Income = Cash from Operating Activities, and Retained Earnings = Cash. Comment on these three additional accounting "equations" listed by your friend.

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