Accounts that affect owner's equity are:a. assets, capital, and revenue.b. capital, liabilities, and expenses.c. expenses, capital, and drawing.d. drawing, assets, and liabilities.

Explanation: Accounts that affect owners' equity are as follows:Capital - Capital increases the…

Answered: Accounts that affect owner's equity…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 11Q: Explain how the following items affect equity: revenue, expenses, investments by owners, and...

See similar textbooks

Similar questions

Define assets, liabilities, owners equity, revenues, and expenses.
Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B. assets, liabilities, and owners equity C. revenues, expenses, investments by owners, distributions to owners D. assets, liabilities, and dividends
Accounts Payable is an example of an asset account.
What is owner Capital listed as a debit or credit
(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________
financial account
The balance sheet lists which of the following? revenues, expenses, gains, and distributions to owners assets, liabilities, and owners' equity assets, liabilities, and investments by owners revenues, expenses, gains, and losses
Sales of products or services are referred to as a. Assets. b. Revenues. c. Liabilities. d. Expenses.
Distinguish between assets and liabilities.
Explain the following measurement bases of the elements of financial statements andindicate how assets and liabilities are measured in each case:i. Historical cost ii. Current cost iii. Realisable value
Briefly explain the relationship between assets, liabilities, and revenue.
State the meaning of Income and Expenditure Account.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

Accounts that affect owner's equity are: a. assets, capital, and revenue. b. capital, liabilities, and expenses. c. expenses, capital, and drawing. d. drawing, assets, and liabilities.