Recently, significant progress has been made in the development of timed process algebras for the specification and analysis of real-time systems; one of which is a timed process algebra called ACSR. ACSR supports synchronous timed actions and asynchronous instantaneous events. Timed actions are used to represent the usage of resources and to model the passage of time. Events are used to capture synchronization between processes. To be able to specify real systems accurately, ACSR supports a notion of priority that can be used to arbitrate among timed actions competing for the use of resources and among events that are ready for synchronization. Equivalence between ACSR terms is defined in terms of strong bisimulation. The paper contains a set of algebraic laws that are proven sound and complete for finite ACSR agents.