The major category within the Financial Accounting Equation (FAE) which tracks theowner's rights or claims to the Assets in a business are called:Owner's EquityO LiabilitiesAssets The main objective of most for-profit businesses is to maximize:O the number of happy, satisfied employeestax revenues for the Federal Governmentthe social conscientiousness of members of societyProfits (which become available for distribution to the owners)

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The major category within the Financial Accounting Equation (FAE) which tracks the owner's rights or claims to the Assets in a business are called: Owner's Equity O Liabilities Assets

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The major category within the Financial Accounting Equation (FAE) which tracks the
owner's rights or claims to the Assets in a business are called:
Owner's Equity
O Liabilities
Assets

The main objective of most for-profit businesses is to maximize:
O the number of happy, satisfied employees
tax revenues for the Federal Government
the social conscientiousness of members of society
Profits (which become available for distribution to the owners)

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