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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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