Answer: The answer is FALSE.
Step-by-step explanation: The given equation is
Assets + liabilities = owner's equity.
The given equation is FALSE. Because, the fundamental book keeping equation is defined and represented as follows:
The fundamental book keeping equation, also called the balance sheet equation, describes the relationship between the assets, liabilities, and owner's equity of a person.
The bookkeeping equation is given by
Assets = liabilities + owner's equity.
Thus, the given equation is FALSE.