8. Which one of the following is an item of owners' equity? Bank loan Suppliers' monetary claims Prepaid expenses Earnings generated by the entity

Q: Equity

A: We know that  Assets = Liabilities + ShareHolders equity  That is assets of a business are made up…

Q: Which statement is not true about a balancesheet?a. It provides proof that Assets 5 Liabilities…

A: Balance sheet is one of financial statement used by stakeholders, like investors, government,…

Q: 4 . Both accounts payable and deferred revenue are classifi ed as current liabilities. Discuss the…

A: Revenue: Revenue can be defined as income earned by any firm or an individual from the performance…

Q: What is the meaning of financial statements? What are the types of financial statements? what are…

A: Financial statement (FS) refers to those statements of the company which shows the company’s…

Q: Which financial statement provides the most information about the following topics (and why)?…

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

Q: Which of the following accounts are under owners equity? O a. Unearned revenue O b. Cash O .…

A: Solution: Retained earnings are undistributed profits of the company that are retained by the…

Q: Which is related to accepting deposits and lending money for business and personal needs to earn…

A: A commercial bank is one of the financial institutions. It performs the activities of accepting…

Q: Which financial statement provides the most information about the following topics (and why)?…

A: The financial statement comprises of: Income statementBalance sheetStatement of cash flowsStatement…

Q: Which one of the following increases the current liabilities of a business entity? Select one: a.…

A: Liabilities are know as the financial obligation or financial debt which has to payable by the…

Q: Which of the following groups of accounts increase with a credit? Oa. assets, common stock, revenues…

A: Liabilities, common stock and revenues will be increased with a credit.

Q: Which of the following is not a financial statement? O Bank statement Income statement Balance sheet…

A: The income statement shows all the revenue, expenses, and net profit/loss. The income statement is…

Q: 18. Which one of the following items is classified as an investing activity? O A. Receipts of cash…

A: Investing activities refers to the purchase and sale of long-term assets and other business…

Q: A receivable is an: Select one: a. amount to be received from individuals or companies in the…

A: Answer: Account receivable is an amount to be received from individuals or companies in the future…

Q: balance sheet account “roll forward”

A: Roll forward of accounts means carrying forward the closing balance of accounts to next accounting…

Q: Financial statements includes Select one: a. Income statement and Statement of cost O b. Position…

A: The financial statements are the statements prepared to record the financial data of the business.

Q: Which of the following is a Long Term Source of Finance? a. Customer Advances b. Equity Shares c.…

A: Financial instruments are instruments that have some monetary value and are created due to the…

Q: The liabilities on a balance sheet are represented by which of the following? Choose one answer.…

A: Balance Sheet: It is also known as the Statement of Financial Position. It reports the financial…

Q: 24. The statement that shows the performance of a business over a covered period * statement of…

A: Introduction: Statement of cash flows: All cash in and out flows are shown in Cash flows statement.…

Q: Which of the following would be part of a financial manager's investment decision? * a. Collecting…

A: The financial manager is supposed to take three types of decisions: Investment decision Financing…

Q: 4. Using Full PFRS instead of SME’s PFRS in a business supposed to used SME’s PFRS was there a…

A: By using full PFRS instead of SME’s PFRS in business support to used SME’s PFRS considers as a…

Q: Statements prepared to know profit or loss and financial position of the business are called:…

A: Various statements are prepared to know the profit or loss and financial position of the business

Q: Which is related to accepting deposits and lending money for business and personal needs to earn…

A: Financial Accounting:- Financial accounting is considered as the process of recording, summarizing…

Q: The liabilities on a balance sheet are represented by which of the following?Choose one answer.a.…

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

Q: Classify the following items into assets, liabilities, or owner’s equity. a. Office equipment ______…

A: Sno Item Classification Remarks a Office Equipment Assets It is Non-Current Asset and is a part of…

Q: Which of the following are owners of Business? a. Public Deposits Holders b. Holders of Shares c.…

A: Entities acquire funds for various purposes like expansion or capital expenditures. So, the various…

Q: How do firms use current liabilities, including accounts payable, accruals, lines of credit,…

A: Current liabilities are those liabilities which have a maturity period of one year or less than one…

Q: 18 - What name is the source of the assets given to the business by the business owners? A) Debt…

A: Introduction: Balance sheet: All assets and liabilities are recorded in Balance sheet. It tells the…

Q: Business Finance Activity 5 1. For each of the following items, identify whether the item is…

A: Current assets speak to the value of all resources that can sensibly anticipate being changed over…

Q: 1.Read the statements below and answer the question - The earnings process should be completed…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Which of the following is a connector account? O Retained Earnings O Prepaid Rent O Common Stock O…

A: Connector accounts are those accounts which connects or joins two particular financial statements.

Q: 1. Which of the following is not a financial instrument? a. accounts receivable b. accrued utilities…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: I. It is a medium of exchange on business transactions. _2. These are the bills paid in advance. 3.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: The purchase of supplies on credit to be use on the main office of the entity, will cause a…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: What business record shows the results of the proprietorship’s borrowing assets from the business,…

A: Proprietor’s Withdrawals: An owner's withdrawal, also known as a distribution, is a transfer of cash…

Q: Under AASB101 Presentation of Financial Statements, which of the following items, if it exists, must…

A: Solution: Revenue, Share of profit of associates and cost of sales are temporary accounts that are…