Homework Answers
Equity is the Owner's claim on a company's assets
The basic equation that expresses the relationship of assets and claims on assets is called the accounting equation:
Assets = Liabilities + Owners' Equity
The owner's equity represents as the portion of Total assets that can be claimed by its owner.
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Multiple Choice Question Which of the following statements is the correct definition of equity? O Equity...
Which of the following statements is the best definition of an asset? O Assets are resources...
Which of the following statements is the best definition of an asset? O Assets are resources owned or controlled by a company and that have expected future benefits. O Assets are claims against the company. O Assets are the distributions to the owners of a company. O Assets represent the owner's claims against a company
The Income Statement shows: . Multiple Choice o the change in owner's equity for a period...
The Income Statement shows: . Multiple Choice o the change in owner's equity for a period of time. o assets, liabilities and expenses. o the amount of net income or net loss. o the financial position of a business at a given time < Prey 4 of 30 !!! Next >
Which of the following statements is the best definition of an asset? Assets represent the owner's...
Which of the following statements is the best definition of an asset? Assets represent the owner's claims against a company. O Assets are claims against the company. O Assets are the distributions to the owners of a company. O Assets are resources owned or controlled by a company and that have expected future benefits.
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Pred Wild and Chlappetta, 23. Analyzing and Recording Transactions Watch them on the left with the...
Pred Wild and Chlappetta, 23. Analyzing and Recording Transactions Watch them on the left with the correct definition on the right Drag statements on the right to match the left The costs of doing business Labe Claims against the assets of a business Assets Individuals or organizations that have rights to receive payments from a business Expand Things of value owned by a business DEVE I know it Thino Nole F G H J K
Which of the following statements about equity is most correct? O Equity represents the amount of...
Which of the following statements about equity is most correct? O Equity represents the amount of cash available to the organization. O Equity is the residual claim against assets after all liabilities have been paid off. O Equity claims are paid before liability claims if a healthcare organization is liquidated O Equity must always be positive. ○ The balance of an organization's equity as of a given date is shown on the organization's income statement.
answer each question with an explnation of each answer please 6. Multiple Choice Question 73 Which...
answer each question with an explnation of each answer
please
6. Multiple Choice Question 73 Which of the following statements concerning users of accounting information is incorrect? b. a. Regulatory authorities are considered internal users. Taxing authorities are considered external users. Present creditors are considered external users. Management is considered an internal user c. d. Answer: 7. Multiple Choice Question 80 Issuing shares of stock in exchange for cash is an example of a(n) I investing activity operating activity financing...
Which of the following statements is true about return on equity (ROE)? Multiple Choice It measures...
Which of the following statements is true about return on equity (ROE)? Multiple Choice It measures the return on common stockholders’ investment in the assets of the firm. The value of the firm’s ROE is affected by net income. The value of the firm’s ROE is affected by the amount of financial leverage or debt that the firm uses. All of these choices are correct.
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
Which of the following statements is NOT correct? Select one or more: O a. The statement...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
Which of the following statements is the best definition of an asset? O Assets are resources owned or controlled by a company and that have expected future benefits. O Assets are claims against the company. O Assets are the distributions to the owners of a company. O Assets represent the owner's claims against a company
The Income Statement shows: . Multiple Choice o the change in owner's equity for a period of time. o assets, liabilities and expenses. o the amount of net income or net loss. o the financial position of a business at a given time < Prey 4 of 30 !!! Next >
Which of the following statements is the best definition of an asset? Assets represent the owner's claims against a company. O Assets are claims against the company. O Assets are the distributions to the owners of a company. O Assets are resources owned or controlled by a company and that have expected future benefits.
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Pred Wild and Chlappetta, 23. Analyzing and Recording Transactions Watch them on the left with the correct definition on the right Drag statements on the right to match the left The costs of doing business Labe Claims against the assets of a business Assets Individuals or organizations that have rights to receive payments from a business Expand Things of value owned by a business DEVE I know it Thino Nole F G H J K
Which of the following statements about equity is most correct? O Equity represents the amount of cash available to the organization. O Equity is the residual claim against assets after all liabilities have been paid off. O Equity claims are paid before liability claims if a healthcare organization is liquidated O Equity must always be positive. ○ The balance of an organization's equity as of a given date is shown on the organization's income statement.
answer each question with an explnation of each answer
please
6. Multiple Choice Question 73 Which of the following statements concerning users of accounting information is incorrect? b. a. Regulatory authorities are considered internal users. Taxing authorities are considered external users. Present creditors are considered external users. Management is considered an internal user c. d. Answer: 7. Multiple Choice Question 80 Issuing shares of stock in exchange for cash is an example of a(n) I investing activity operating activity financing...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
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