Which of the following statements are true? (Select all that apply.) Check all that apply. Income...
Which of the following statements are true? (Select all that apply.)
Check all that apply.
Income is an obligation to deliver assets to creditors.
Earnings are a source of assets.
A company that has earnings is required to pay dividends.
Earnings may also be called income.
Homework Answers
In the given question, the following two statements would apply or are true statements :
- Earnings are a source of assets.
- Earnings may also be called income.
Explanation
The correct statements are
- Earnings are a source of assets because earnings are done with the help of assets like machinery, equipments etc.
- Earnings may also be called income, as earnings is what a company earns after selling its product or services and otherwise earnings are return on investment.
The incorrect statements are
- It is not at all the true that income is an obligation to deliver assets to creditors, as creditors can be paid otherwise also. There is no necessity to pay creditors from assets only .
- Dividends are such payment made to shareholders of the company, that is the earning of the company. The company is required to pay dividends, if it is having earnings only if such earnings are the profits and earnings are not profits. Another point is that earnings can be used for business expansion, so dividend payment is not compulsory.
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