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

Q: Explain the meaning of Non -current Assets in business setting

A: Non-current assets, also referred to as long-term assets, are a company’s physical, tangible, or…

Q: What  are business transactions called that increase owner’s equity as a result of providing a…

A: A liability is amount payable or obligation which results from past event, whose payment needs…

Q: The expense recognition principle relates

A: Expense recognition is based on accrual and matching concept where accrual concept states that…

Q: What does accounting entity assumption mean for a business?

A: The accounting entity assumption, also known as the economic entity assumption, is a fundamental…

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: Which component of the statement of owner's equity represents the accumulated profits or losses of…

A: Net income: This option is incorrect because net income represents the profit or loss for the…

Q: The financial statements are interrelated. a) What item of financial or operating data appears on…

A: Financial statements are those statements which are prepared at the end of accounting period. Income…

Q: What is included in the financial section of a business plan?     a. the industry, business…

A: Financial section of the business represent the financial position of the firm now and what it will…

Q: Does the accounting equations show the relationship among assets, liabilities, and owners' equity?…

A: The Accounting Equation shows on a company's balance sheet whereby the sum of the company's…

Q: What are the rights of creditors (claims against the assets of the company--creditors' equity) that…

A: The creditor is the person to whom the company owes money at the later date. Creditors are the one…

Q: Define, explain, and provide examples of current and noncurrent assets, current and noncurrent…

A: Dear student, Since you have posted two different questions at a time, only one question ie the…

Q: Liabilities and stockholders' equity are: O increases in assets resulting from profitable operations…

A: Economic resources refers to resources which are used to produce goods and services So, Economic…

Q: The​ owners' claims to the assets of the business are called​ ________.     A.equity   B.expenses…

A: As per the accounting equation,  Assets = Liabilities + Equity  and such relation always holds true.

Q: Why is the Equity of an owner shown in the Liabilities and not in the Assets on a companies…

A: Lets understand the basics. Financial statement is divided into main three types of heads which are,…

Q: Amounts owed by the company are referred to as a. Expenses. b. Dividends. c. Liabilities. d. Assets.

A: Expense is an income statement item.  Dividend is a statement of retained earnings item. Assets and…