Need correct answer. 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.

Option b is the correct answer because owner's equity, as the name implies, is the claims of the…

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

Residual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assets
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
financial account
What is owner Capital listed as a debit or credit
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
(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): ________
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of purchase C. the order of liquidity D. The value of the assets
A net income will _______ the owner's capital account.
How to find the net income? How to find the revenue expense?
What is the name of the accounting concept or principle that determines the amount initially entered into the accounting records for purchases of assets--what you actually pay for the asset or what it actually costs? Group of answer choices cost concept asset concept business entity concept proprietorship concept

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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.