The owners' claims to the assets of the business are called ________. A.equity B.expenses C.debt D.return on assets
Q: Equity
A: We know that Assets = Liabilities + ShareHolders equity That is assets of a business are made up…
Q: The Accounting Equation Using the accounting equation, compute the missing elements. Assets…
A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…
Q: ____________________ is the income earned after other revenues are added and other expenses are…
A: For gross profit, Cost of goods sold is deducted from Sales Revenue. Income from operations means…
Q: b. Give an example for each of the following types of transactions for the accounting equation: i.…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: d. Unearned Income 2. Which of the following is an element of a statement of comprehensive income?…
A: (1.) Revenues is an element of a statement of comprehensive income. Therefore, the option (b)…
Q: n which of the following cases will the business have Net profit ? a. Expenses are less than revenue…
A: Solution: "Expenses are less than revenue" in this case business will have net profit.
Q: 2) Choose the appropriate definition for the terms below. a. a business owned by a single owner b. a…
A: Accounting is a process of recording, summarising, and classifying business transactions and…
Q: Which among the following statements is prepared to know the financial position of the business? a.…
A: Option d is correct. Statement Shows Income statement Financial performance of company…
Q: Which of the following is an example of liability of a business? a. prepaid insurance. b. cash. c.…
A: UNEARNED REVENUE : It is the revenue received in advance by a person or company before the delivery…
Q: Given the revenues and expenses of a business, net loss will result if: a. All the above situations…
A: Revenue means the amount earned by selling the goods or services. Expenses means the amount spent on…
Q: The following statement suits best the definition of EXPENSES a. Expenses are resources used,…
A: A Expenses is a recurring nature items to be paid. These are shown in the income statement by the…
Q: State the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing…
A: Revenue: Revenue is money your business receives from its normal business activities. Expenses:…
Q: Owner's equity can be increased through a.expenses exceeding revenues. b.investments by the owner.…
A: Stock holders equity: Common stock is one of the parts in the stockholders’ equity. The common stock…
Q: It represents the cash or other assets withdrawn from the business by the owner for the personal…
A: Dividends are distribution of profits of a company to its shareholders. Hence, option C is wrong.
Q: A statement of owner's equity shows everything that affects the: a.Cash balance. b.liability account…
A: An equity statement – also referred to as a statement of owner’s equity or statement of changes in…
Q: Which of the following is a group of accounts that shows the rights of the owner or partners of the…
A: In order to fulfill the financial requirements, the business entity issue the equity shares. The…
Q: business transactions. Determine the effect on assets, liabilities, and owner's equity of the…
A: Accounting refers to recording, analysing, communicating as well as interpreting the results to end…
Q: The......of a business is the amount of income A-Revenue B-venture C-assest D-fund
A: A business is described as an organization or enterprising entity engaged in commercial,…
Q: 39. Which refers to the remaining amount of the assets after paying all the company’s liabilities?…
A: Accounting equation says that total assets should always be equal to liabilities and equity because…
Q: revenue may be defined as : a- increase in assets from all sources b- the amount of capital…
A: Revenue is the income generated by a company using the assets employed by it in the normal course of…
Q: The effect of payment made to creditors of the business would be a. Increase an asset and increase a…
A: Creditors are decreased. Cash is decreased.
Q: d. Assets minus liabilities. e. The financial statement indicating the profitability of the business…
A: Solution:- d) Discussion of term Asset minus Liabilities as follows under:-
Q: Net Income: A) Decreases equity. B) Represents the amount of assets stockholders put into a…
A: Net income — also referred to as net profit, net earnings or the bottom line — is the amount an…
Q: The effect of payment made to creditors of the business would be O a. Decrease an asset and decrease…
A: An Payment of any liability will lead to decrease in asset and decrease in liability
Q: Assets are the O a. resources owned by the business. O b. personal property of the owners. O c. c.…
A: A business asset is an item or resources of a value owned by the company which can be tangible or…
Q: Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable C. Calhoun, Capital…
A: Assets means the resources which is owned by business. Liability means the amount which is to be…
Q: What is the owner’s right to the assets (claims to the assets) of the business called? Group of…
A: Solution: As per basic accounting equation: Assets = Liabilities + Owner's equity Therefore Lenders…
Q: Choose the correct answer
A: 2: Answer: Option c. Shareholder’s equity: Shareholder’s equity is the difference between the…
Q: Amounts owed by the company are referred to as a. Expenses. b. Dividends. c. Liabilities. d. Assets.
A: Expense is an income statement item. Dividend is a statement of retained earnings item. Assets and…
Q: a. The fundamental of accounting equation states that Assts = Liabilities + b. Debts owed to other…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: With regard to the accounting equation, state whether each of the following statements is true or…
A: We have the following question
Q: 18 - What name is the source of the assets given to the business by the business owners? A) Debt…
A: Introduction: Balance sheet: All assets and liabilities are recorded in Balance sheet. It tells the…
Q: Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a.…
A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…
Q: Owner's equity can be increased through _____. a. withdrawals by the owner b. purchase of assets by…
A: Solution: Withdrawl by owner decrease the owner's equity Purchase of assets by cash do not affect…
Q: The costs of doing business are classified as:a. assets.b. liabilities.c. revenues.d. expenses.
A: The correct option is option “d”. d. Expenses
Q: The expense recognition principle matches Select one: a. expenses with revenues. b. creditors with…
A: General accepted accounting principles means those set of standards which is followed while…
Q: If a business earns a Net Income it means: O Capital > Revenue O Revenue > Expenses Drawings >…
A: Net income As per formula Net income = Revenue-Expenses If expenses are less than revenue than net…
Q: Directions: Using terms from the following list, complete the sentences below. Write the letter of…
A: Hi student Since there are multiple sub parts, we will answer first three sub parts.
Q: What information is made available about the business in the following financial statements: a.…
A: A compilation of summaries of a company's monetary results, financial position, and cash flows is…
Q: Net loss: O A. Decreases equity. O B. Equals assets minus liabilities. O C. Represents the amount of…
A: The equity includes the capital that relates to shareholders.
Q: It represents the cash or other assets withdrawn from the business by the owner for the personal…
A: Drawings represents the cash or other assets withdrawn from the business by the owner for the…
Q: Which of the following is the accounting report that shows all the income of the business in a…
A: The financial statement refers to the final accounts prepared by the management of the entity at the…
Q: We can say that the business is in profit, when: Select one: a. Income exceeds Liabilities b. Assets…
A: Following is the answer to the question
Q: .Expenses represent a reduction in ___. A.assets B.revenue C.liability D.equity 2.You are presented…
A: Assets and liabilities and equity are part of balance sheet, revenue is part of income statement
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B. assets, liabilities, and owners equity C. revenues, expenses, investments by owners, distributions to owners D. assets, liabilities, and dividendsExplain how the following items affect equity: revenue, expenses, investments by owners, and distributions to owners.An Asset possessed by the business should be shown in which part of balance sheet? A. Liabilities B. Assets C. Revenues D. Fixed Assets
- What is the owner’s right to the assets (claims to the assets) of the business called? Group of answer choices cash revenue accounts receivable owner’s equity or capitalIdentify or classify the different account titles as to whether the belong to Assets, Liabilities, Owner's Equity, Revenue, or Expense of the Business. Fill the amounts of the following SFP and SCI elements. Current Assets: _________ Noncurrent Assets: __________ Current Liabilities: _________ Noncurrent Liabilities: __________ Sales: __________ Expenses: ___________ Net Income (Loss): __________Profit is the difference between?a. Assets and liabilitiesb. Assets and equitiesc. The assets purchased with the cash contributed by the owner and the cash spent to operate the businessd. The assets received for goods and services and the amounts used to provide the goods and services
- What business record shows the results of the proprietorship’s borrowing assets from the business, usually anticipation of profits? A. Proprietor’s Withdrawals B. Proprietor’s Investment C. Proprietor’s Capital D. Proprietor’s AssetsWhich should be classified as a financial asset? a. Patentb. Trade Accounts Receivablec. Inventoryd. LandThe ownership claim on company’s assets A. Equity B.withdrawal C. Revenue. D. Expense
- Sales of products or services are referred to as a. Assets. b. Revenues. c. Liabilities. d. Expenses.Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a. Liability b. Expense c. Revenue d. AssetThe accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equity