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
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
Stockholders' equity can be described as claims of: a. owners on total assets. b. creditors on total assets. c. customers on total assets. d. debtors on total assets.
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
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
Define debtor-in-possession (DIP) financing
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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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The monetary value of the net assets is reported at its historical cost on the balance sheet? a. physical capital b. excess capital c. net capital d. financial capital

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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.