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2. The resources owned by a business are its a. liabilities b. owner's equity c. assets d. None of these choices are correct. 3. The rights and claims of creditors on a company's assets are represented by a. liabilities b. owner's equity c. assets d. None of these choices are correct. 4. Which element of the accounting equation represents the rights of owners? a. Liabilities b. Owner's equity c. Assets d. None of these choices are correct.

2. The resources owned by a business are its a. liabilities b. owner's equity c. assets d. None of these choices are correct. 3. The rights and claims of creditors on a company's assets are represented by a. liabilities b. owner's equity c. assets d. None of these choices are correct. 4. Which element of the accounting equation represents the rights of owners? a. Liabilities b. Owner's equity c. Assets d. None of these choices are correct.

Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter12: Auditing Long-lived Assets: Acquisition, Use, Impairment, And Disposal
Section: Chapter Questions
Problem 22MCQ
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2. The resources owned by a business are its a. liabilities b. owner's equity c. assets d. None of these choices are correct. 3. The rights and claims of creditors on a company's assets are represented by a. liabilities b. owner's equity c. assets d. None of these choices are correct. 4. Which element of the accounting equation represents the rights of owners? a. Liabilities b. Owner's equity c. Assets d. None of these choices are correct.
Transcribed Image Text:2. The resources owned by a business are its a. liabilities b. owner's equity c. assets d. None of these choices are correct. 3. The rights and claims of creditors on a company's assets are represented by a. liabilities b. owner's equity c. assets d. None of these choices are correct. 4. Which element of the accounting equation represents the rights of owners? a. Liabilities b. Owner's equity c. Assets d. None of these choices are correct.
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