The resources owned by a business are called:A. assets.B. liabilities.C. the accounting equation.D. stockholders’ equity.

Q: 1. Define the term accounting and explain the importance of accounting in a business.

A: Hi Student, since there are multiple question so we will answer only 1st question, if you want…

Q: define financial accounting and explain its role in business

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: Explain what a business transaction is and provide two examples of a business transaction affecting…

A: Accounting equations are on the basis of the dual aspect concept of accounting. It means that every…

Q: Referring to the accounting equation, provide an example of at least one business transaction

A: Accounting equation defines as the equation in which the total assets of an entity equals to the…

Q: Are financial statements accurate to evaluate business?

A: Financial statements refer to the written records that tell the financial performance and position…

Q: Which of the following is an internal user of a company’s financial information? a. board of…

A: Internal users of the company's financial information refer to the people who manage the daily…

Q: What is a Balance Sheet and why is it important in a business?

A: Balance Sheet is a financial statements prepared for assessing the financial position of a company.…

Q: he statement of profit or loss and other comprehensive income shows_______. Select one: a. the…

A: The purpose of the statement of profit or loss and other comprehensive income (OCI) is to show an…

Q: a) Business name/Address/website etc. b) Nature of business c) Type of business organization d)…

A: As per our protocol we provide solution to the first three subparts but as you have asked multiple…

Q: The business document that reports assets, liabilities and stockholders’ equity is knows as:

A: Answer:   Balance sheet.

Q: A balance sheet lists: A) The types and amounts of the revenues and expenses of a business. B) Only…

A: Balance sheet is a financial statement which tells about the financial position of the company as on…

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: Financial accounting serves which primary function(s)?  a. Measures business activities. b.…

A: Financial accounting is a branch of accounting which deals into summarisation, analysis and…

Q: A financial statement to show what a business owns and owes at a particular ?point in time The bank…

A: Financial records and financial statements preparation is important output of financial accounting…

Q: The accounting that records and measures the financial transactions by following GAAP is: a.…

A: Internal accounting helps in analysing the internal transactions of the organization  Management…

Q: Which of the following is the basic accounting equation? a.Assets = Stockho ' Equity - Liabilities…

A: The correct option is  b.Assets - Liabilities =Stockholders' Equity

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: Which of the following statements is correct? I . The Statement of Profit or Loss and Other…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: The statement of financial position is a financial statement that shows both the gross profit and…

A: The statement of Financial Position shows what a company owns and what a company owes to  the…

Q: how does business owners can use the statement of profit and loss or income statement and balance…

A: The business needs a variety of financial statements to function in the business society. The…

Q: Which of the following statements best defines equity (capital) of a business? A Equity represents…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: Write examples of each kind of business activity: (a) operating, (b) investing, and (c) financing.

A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…

Q: What is a mathematical equation in accounting? Which financial statement contains information on the…

A: This question tells about mathematical equation in accounting and  financial statement contains…

Q: The _____ describes a company’s financial position – by the types and amounts of assets,…

A: Every Company prepares a statement of affairs at the end of the year to know the financial position.…

Q: * ?A financial statement that summarizes company revenue and expenses is Income statement Cash flow…

A: A financial statement seems to be a statement that shows the profitability, consistency, and…

Q: Assets, liabilities, and stockholders' equity are all found within which of the following financial…

A: Assets are the physical or non-physical resources which are own by the entities to generate the cash…

Q: Effect of transactions on accounting equationWhat is the effect of each of the following…

A: Accounting equation of the business says that for every business transaction, atleast two accounts…

Q: Name and briefly explain the three major financial statements?  How does each relate to the…

A: The statement that reveals the financial activities of a business along with its financial…

Q: The following statement suits best the definition of ASSETS: O a. The assets are expenses incurred…

A: Assets are considered as the resources of the business used to run the daily activity of the…

Q: What are the goals of financial accounting? Enumerate at least three and discuss why they are…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: One of the financial statements is a balance sheet.  The balance sheet reflects the assets of the…

A: Given The Balance Sheet is one of the financial statements.

Q: Accounting measurement is the computation of.......... Select one : a . All the other points b .…

A: Accounting is the process of identifying, recording, classifying, summarising and circulating…

Q: Resources of a company are referred to asa. Liabilities. b. Stockholders’ equity. c. Dividends. d.…

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: What information is made available about the business in the following financial statements: a.…

A: Financial statements are a set of summaries of an organization's financial results, financial…

Q: financial statements in any business organization

A: Financial Statements of the company include income statements, balance sheets, and cash flow…

Q: A business will construct its financial statements in a particular order because they are…

A: In the accounting system, there is a rule of preparing the statement of affairs. Statement of…

Q: A listing of a business entity’s assets, liabilities, and stockholders’ equity as of a specific date…

A: The financial statements of the business are prepared to find the profitability of the business.

Q: Assess whether each of following would be recorgnized in the balance sheet of an entity? Explain?…

A: Balance sheet is one of the financial statement of the business. This is prepared for review of…

Q: Match each account type with its description Account Classifications Descriptions 1. Assets…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Accounting term

A: Option a is wrong because business assets may not be same with business profits and losses. Option b…

Q: Which is correct? 1   Income Statement shows the financial position of an entity. 2   Statement of…

A: Income statement- It is a statement that records all the receipts/ revenues and the expenditures…

Q: Think about the accounting equation: Assets = Liabilities + Equity and the extended accounting…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: As per the accounting equation, equity can be represented as __________________. Excess of assets…

A: Accounting is the detailed process of book keeping. Under the first step of accounting, all…

Q: When did the business call accountable? 1. Business Activities are accountable when they are called…

A: The business calls accountable when business activities are the business transactions and business…