1. It is the obligations of the company payable in money, goods or service

Q: An Asset possessed by the business should be shown in which part of balance sheet? A. Liabilities B.…

A: The financial statements of the business include income statement and balance sheet. The balance…

Q: Explain the meaning of Non -current Assets in business setting

A: Non-current assets, also referred to as long-term assets, are a company’s physical, tangible, or…

Q: Revenue and Expense Accounts Are revenue and expense accounts equal to equity in how cash is a part…

A: Revenue: Revenues are earnings of business by sale of goods and services in business. It is earned…

Q: The hardest asset to control within any organization is O land. O accounts receivable. O inventory.…

A: Assets: Properties or things owned by business called Assets.

Q: hich of the following is a correct statement?     Inventory is not part of the current assets…

A: The company have different kinds of assets some are highly liquid and some are not liquid but in…

Q: .Account titles of liabilities often include the term “payable.” b.Liabilities are debts owed to…

A: Liabilities-: A liability is the sum of the amount or a thing that a person or corporation owes,…

Q: 1. Property owned by an individual? A. Liability B. Asset C. Property D. Net Worth 2.Examples of…

A: The balance sheet is one of the three fundamental financial statements and is key to both financial…

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: The owner's claim on a company's as

A: The owner's claim on a company's assets is referred to as an asset, representing the portion of the…

Q: 38) 38) A receivable occurs when a business, A) loans money to another party B) sells goods or…

A: Accounts payable and Accounts receivable are two sides of the same coin. Whereas accounts payable…

Q: Real assets are assets used to produce goods and services always the same as financial assets always…

A: Real assets are tangible / physical assets used in production of goods or services. These assets are…

Q: The term net identifiable assets means: (A) All assets minus all liabilities. (B) All assets except…

A: Assets indicates the resources owned by the business entity. It is shown in the balance sheet which…

Q: When an asset is purchased on account, the credit side of the entry is to a liability account an…

A: If a cash transaction means that the payment is settled immediately, it makes logical that a credit…

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: Why is the Equity of an owner shown in the Liabilities and not in the Assets on a companies…

A: Lets understand the basics. Financial statement is divided into main three types of heads which are,…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.