Financial Account Owner's equity can be described as:a. creditorship claim on total assets.b. ownership claim on total assets.c. benefactor's claim on total assets.d. debtor claim on total assets.

The correct answer is:b. ownership claim on total assets. Explanation:Owner's Equity…

Answered: Owner's equity can be described as: a.…

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...

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Similar questions

GENERAL ACCOUNT
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
The balance sheet lists which of the following? A. assets, liabilities, and owners equity B. revenues, expenses, gains, and losses C. assets, liabilities, and investments by owners D. revenues, expenses, gains, and distributions to owners
Describe how debits and credits impact assets, liabilities , owner,s equity
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
How to find the net income? How to find the revenue expense?
What goes under assets and what goes under liablilities for a balance sheet? Wanting specific list to help categorize.
Which of the following statements best describes the term "liability"? *a. An excess of equity over current assetsb. Resources to meet financial commitments as they fall duec. The residual interest in the assets of the entity after deducting all of its equityd. A present obligation of the entity arising from past events
Recognition is the process of: A. Capturing, for inclusion in the statement of financial position or the statement(s) of financial performance, an item that meets the definition of one of the elements of the financial statements—an asset, a liability, equity, income or expenses B. Determining where an item should be presented in the financial statements C. Sorting assets, liabilities, equity, income or expenses on the basis of shared characteristics D. Adding together of assets, liabilities, equity, income or expenses that have shared characteristics
Distinguish between assets and liabilities.
All of the following describe a liability except _. . general account
What is a personal statement of financial position?

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Owner's equity can be described as: a. creditorship claim on total assets. b. ownership claim on total assets. c. benefactor's claim on total assets. d. debtor claim on total assets.