GACE Agriculture (709) Practice Questions - GACE Agricultural Education Assessment (Test Codes 209, 309, Combined 709) Exam

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An agribusiness owner is preparing a balance sheet. Which equation correctly expresses owner equity (net worth) on that balance sheet?

Net worth = total assets minus total liabilities Net worth = total liabilities minus total assets Net worth = total revenue minus total expenses Net worth = current assets minus noncurrent assets

Correct Answer:

Net worth = total assets minus total liabilities

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