The following statement suits best the definition of ASSETS:a. The assets are expenses incurred by the business in each periodO b. The assets are contributions made by the owners of the businessO c. The assets are debts which are borrowed from banks to purchases non-current assetsO d. The assets are resources owned or owing to the business from which future benefits are expected to flowto the business

Assets are considered as the resources of the business used to run the daily activity of the…

Answered: The following statement suits best the…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 1RE

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Similar questions

Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.
If a company reports a gain/(loss) from the sale of assets, as part of the net income on the income statement, and the net book value of those assets on the date of the sale is known, can the amount of the cash proceeds from the sale be determined? If so, how?
The owners' claims to the assets of the business are called ________. A.equity B.expenses C.debt D.return on assets
Which of the following accounting concepts considers the investment made by the owner in the business as the liability of the business? a.Dual aspect concept , b.Money measurement concept , c.Business entity concept , d.Going concern concept
An Asset possessed by the business should be shown in which part of balance sheet? A. Liabilities B. Assets C. Revenues D. Fixed Assets
Assets = Liability+ Capital where 'assets' are resources of the business; 'liabilities' are external claims against these resources; ' capital' is an internal or residual claim against these resources. Discuss the accounting equation considering the statement provided.
1. What are the two main parts of the body of the income statement known as? Expenses Capital Assets Liabilities Revenue 2. What are the two main parts of the body of the income statement known as? Expenses Capital Assets Liabilities Revenue 3. What an organization generates from activities, other than its primary business activity, will be shown in its income statement as: losses expenses gains revenues
Discuss the purpose balance sheet serve to the company. discuss the characteristics that differentiate : Current assets from non-current assets with example and why they are important to business?
Give typing answer with explanation and conclusion 1. ________ are items owed to a creditor. ________ are items owned by a company. ________ represents owners' claims to company resources. Expenses; Revenues; Net income Expenses; Revenues; Stockholders�� equity Liabilities; Assets; Stockholders' equity Liabilities; Assets; Net income

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