36 - Which of the following is the basic accounting equivalence? A) Resources = Assets + Liabilities B) Assets = Foreign Resources - Equity C) Assets = Resources D) Resources = Assets - Liabilities E) Assets = Liabilities + Resources

Q: Distinguish between financial assets and real assets for each of the following characteristics.

A: Solution- Financial assets consist of cash and other monetary assets and receivables in the form of…

Q: Which of the following is not an asset account?a. Cashb. Landc. Equipmentd. Common Stock

A: Common stock:  Under the company its own shares. These shares are issued by the company to the…

Q: Spice Inc.'s unit selling price is $51, the unit variable costs are $38, fixed costs are $102,000,…

A: Formula: Contribution margin = Selling price - variable cost

Q: PFRS 9, Financial Instruments deals with the measurement and classification of which of the…

A: Financial Instruments deal with the measurement and classification of financial assets, Financial…

Q: WHITE Company began operations on January 1, 2021 with P1,000,000 from the issuance of shares and…

A: We know; as per accounting equation- Total Liabilities + Shareholders' equity = Total Assets

Q: What does it mean when there are claims on the economic resources

A: Economic resource refers to the factors that help in producing goods and services. The economic…

Q: Explain the following measurement bases of the elements of financial statements and indicate how…

A: Basis of accounting, is the way through which the various financial transactions are recorded in the…

Q: What do you mean by Assets, Liabilities, Capital, Revenues and Expenses?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Why does a balance sheet balance (assets = Liabilities + OE)?

A: Accounting is done on double entry system, in which we book any financial transaction into books at…

Q: Which of the following describes how assets are listed onthe balance sheet?a. In alphabetical…

A: Classified Balance sheet: It includes more detailed balance sheet by itemizing a company’s different…

Q: c. Distinguish between financial assets and real assets for each of the followingcharacteristics.…

A: Assets can be any resources that possess and administrated by any entity. It includes resources such…

Q: Which of the following elements of financial statements is most closely related to measurement of…

A: The financial statements comprises of income statement, balance sheet and cash flow statement.…

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: Return on equity b. Total assets turnover c. Return on assets

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Which of the following is correct?(i) Liabilities = Assets + Capital(ii) Assets = Liabilities –…

A: Accounting Transaction:   An economic event, which causes impact (increases or decreases the value…

Q: Which of the following associations would most likely describe the relationship between an internal…

A: Economic Event: Economic event means events which include transferring the ownership of resource…

Q: As per the​ ________, the entity will remain in operation for the foreseeable future.

A: Going concern assumption represents that the company would continue to operate business. It would be…

Q: Accounts receivable is ______________ of an organization. a. Current assets b. Current liabilities…

A: Current assets are all the assets of a company that are expected to be converted into the cash…

Q: What is the total capital required for both off- and on-balance-sheet assets?

A: On-balance sheet items are those which are represented as a part of the company's financial…

Q: Explain the accounting equation while considering the relationship between asset, liabilities and…

A: Accounting equation of accounting says that after every business transaction total of assets should…

Q: Which of the following is a usefulness of the statement of financial position? OA. The use of…

A: For every business, accounting is very important for analysis and evaluation. Accounting is based on…

Q: a. What is Proforma Income Statement, Proforma Balance Sheet, Proforma Cash Flow? b. Briefly explain…

A: Since you have asked multiple question, we will solve the first question for you. If youwant any…

Q: Q4. Describe the nature of the assets that compose the following sections of a balance sheet:…

A: Balance Sheet is a financial statement showing financial position of a…

Q: Which concept is applied to net income and other comprehensive income? A. Borrowed Capital B.…

A:

Q: Liquidity to tradable assets is a function of: a. Domestic Market b. Commodity Market c. Financial…

A: FINANCIAL MARKET: IT IS THE MARKET WHERE FINANCIAL INSTRUMENT SUCH AS BONDS AND STOCKS ARE TRADED.

Q: On the Statement of Financial Position, which of the following is true? Group of answer choices A.…

A: When a donor offers cash to a nonprofit business enterprise, they will specify how a present is for…

Q: Which should be classified as a financial asset? a. Patent b. Trade Accounts Receivable c.…

A: Financial assets are also known as non-physical assets. It is because it is generated through a…

Q: 76. What is nature of Capital account? A. O Debit B. O Credit C. O Expenses D. O Loss

A: The balance sheet represents the Financial position of the business with assets and liabilities on a…

Q: How do u calculate for total assets?

A: Introduction: Assets are resources owned by the company that is expected to generate future economic…

Q: O a. Dual aspect

A:

Q: Meaning of accounting principles with examples: i. Money measurement concept ii. Dual aspect concept…

A: Accounting principles are the defined rules which are required to be followed by each company and…