Resources controlled as a result of past transactions that are expected to provide future benefits are...
Liabilities are best described as: residual ownership interest. resources that are expected to provide future benefits. obligations that are expected to require a future outflow of resources.
4. Which of the following is not one of the essential characteristics of a liability? a. Result from past transactions or events b. Present sacrifice of economic benefits. c. Arise from present obligations (to transfer goods or provide services) to other entities. d. All the above are characteristics of liabilities. e. None of the above are characteristics of liabilities It is the future sacrifice of economic benefits Answer is B. Can you explain please?
#1 and #2 1. The accounting equation may be expressed as: A. Assets + Stockholders= Equity = Liabilities B. Assets = Liabilities + Stockholders= Equity C. Assets = Stockholders= Equity - Liabilities D. Assets + Liabilities - Stockholders= Equity 2. Probable future economic benefits obtained or controlled by an entity as a result of past transactions or events are known as: A. Assets B.Liabilities C.Stockholder's Equity D. Revenues
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
Changes in stockholders’ equity that result from transactions that are outside a company’s normal course of business are referred to as: a. Liabilities a. Gains and losses a. Earnings per share a. Revenues and expenses
The present obligations of an entity arising from past events the settlement of which is expected to result in an outflow of resources embodying economic benefits are known as age Next page ENG 11:21 AM 20/09/2020
Accounting reports merely provide a record of past transactions and do not reflect management estimates and forecasts of the future. True False
The primary purpose of the statement of financial position of a business is to reflect A. The fair value of the entity’s assets at some moment in time. B. The status of the entity’s assets in case of forced liquidation. C. The entity’s potential for growth in stock values in the stock market. D. Items of value, debts, and net worth. (correct answer) A. Assets are reported in the balance sheet using various measurement attributes, including but not limited to...
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
Question 10 2 pts What are investing activities? Activities that consist of acquiring and disposing of resources (assets) that a company uses to produce and sell its products or provide its services The use of company resources to promote and sell its products or resources Resources that are expected to provide a company with future economic benefits Methods the company uses to fund investments, such as credit financing (debt) or equity financing (ownership)