The accumulation equation is a fundamental expression in chemical engineering that quantifies the change in the amount of a substance within a system over a specific time period. It integrates the concepts of input, output, generation, and consumption of materials, allowing engineers to assess how the amount of a substance varies in processes such as reactors, separators, and storage units. This equation is critical for analyzing material balances, ensuring that the principles of conservation are upheld in both continuous and batch processes.