Answer letter d, e, and f Part 2 Accounting Terminology. For each of the following statements, indicate the term described.a. Obligations of an entity arising from past transactions.b. Economic resources owned by an entity.C. Accounting reports describing the financial position, profitability, and cash transactions of abusiness entity.d. Assets minus liabilities.e. The financial statement indicating the profitability of the business for a period of time.f. Assets is equal to liabilities minus equity.

Solution:- d) Discussion of term Asset minus Liabilities as follows under:-

Answered: d. Assets minus liabilities. e. The…

d. Assets minus liabilities. e. The financial statement indicating the profitability of the business for a period of time. f. Assets is equal to liabilities minus equity.

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

Answer letter d, e, and f

Part 2 Accounting Terminology. For each of the following statements, indicate the term described.
a. Obligations of an entity arising from past transactions.
b. Economic resources owned by an entity.
C. Accounting reports describing the financial position, profitability, and cash transactions of a
business entity.
d. Assets minus liabilities.
e. The financial statement indicating the profitability of the business for a period of time.
f. Assets is equal to liabilities minus equity.

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