Record, classify, and summarize business transactions. What is this called? What is the accounting equation?

Here are the correct answers for questions 1 and 2:

1. The process of recording, classifying and summarizing business transactions is called _.
B. accounting
Explanation: Accounting is the systematic process of identifying, recording, classifying, summarizing, and interpreting financial transactions to provide useful information for decision-making.

2. The accounting equation is _.
A. Assets = Capital + Liabilities
Explanation: The accounting equation is a fundamental principle in accounting that states that a company's total assets are equal to the sum of its liabilities and owner's equity (also known as capital).