If supplies that have been purchased are used in the course of business, then: a. a liability will increase. b. an asset will increase. c. owner's equity will decrease. d. owner's equity will increase.
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- The owners' claims to the assets of the business are called ________. A.equity B.expenses C.debt D.return on assetsWhat are business transactions called that increase owner’s equity as a result of providing a services or selling products to customers? Group of answer choices revenue expense liability assetDescribe a business transaction that will do the following: a. Increase an asset and increase a liability b. Decrease an asset and decrease a liability c. Decrease an asset and increase an expense d. Increase an asset and increase owners equity e. Increase an asset and decrease an asset f. Increase an asset and increase revenue
- Drawings made by the owner of a business will _____. a. Increase one asset and decrease other asset b. Decrease an asset and decrease liability c. Decrease an asset and decrease owner’s equity d. Increase an asset and increase a liabilityExpense is a decrease in owner's equity resulting from the operation of a business. Is it true or false? Explain whyOwner's equity can be increased through _____. a. withdrawals by the owner b. purchase of assets by cash c. investments by the owner d. expenses exceeding revenues
- When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Differentiate return on investment from return of investment. What is profit, how is it earned and what is its effect on business? Explain unlimited liability. Will all investors be affected by this? Define Accounting. What is its basic purpose? Is bookkeeping and accounting the same?sThe ability of a business to pay its debts as they come due and to earn a reasonable net income is a. solvency and equity b. solvency and profitability c. solvency and leverage d. solvency and liquidity
- Which financial ratio under the categories of profitability, asset utilization, liquidity, and debt utilization,is most valuable to the business owner? And why is it most valuable,with and example.What business record shows the results of the proprietorship’s borrowing assets from the business, usually anticipation of profits? A. Proprietor’s Withdrawals B. Proprietor’s Investment C. Proprietor’s Capital D. Proprietor’s AssetsOwner's equity can be increased through a.expenses exceeding revenues. b.investments by the owner. c.purchases of assets for cash. d.withdrawals by the owner.