Solve this problem not use ai The term used to describe the resources of anorganization is "assets." Assets are used by a firmto earn revenue. Equipment, machinery, property,investments, cash, etc. are assets for businesses.

The term "assets" refers to the resources owned or controlled by an organization that have economic…

Answered: The term used to describe the resources…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 1DQ

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According to FASB Statement No. 34, interest must be capitalized for a. Assets that are ready for use b. Assets constructed for a firm's own use c. Assets that are not being used in the earning activities of the company d. Inventories that are produced in large quantities on a repetitive basis
assets that are purchased for use in operations but are not intended to be resold are called a. fixed assets b. income statement c. marketing costs d. proper cash flow
Which one of the following statements are related to working capital of a company ? Deals with receipts and disbursements of funds To purchase fixed assets Purpose of purchase of raw material
Which of the following is NOT correct regarding the rate of return on assets? a. The rate of return on assets measures management’s ability to productively employ all its resources. b. The rate of return on assets measures the return on all assets used regardless of how the assets are financed. c. The rate of return on assets is a measure of profitability. d. The rate of return on assets measures the return on the investment made by the owners of the entity. is B the correct answer?
The value created by a business is created by its assets. True or False?
What is the role of financial intermediaries in asset transformation? Briefly explain along with the types of asset transformation undertaken by the financial intermediaries.
Intangible Assets Product development costs represent a considerable expenditure for companies. They are either written off as expense or capitalized as assets. Required: a. Discuss the conceptual issues and the definition of an asset that may be applied in determining whether development expenditure should be treated as an expense or an asset.
The resources of value owned by a business are called _____________. Group of answer choices economic resources revenues assets economic activities
Discuss what is meant by the statement, “The accounting system is a conceptual flow of information that represents physical personnel, machinery, and flows of raw materials and cashthrough the organization.”
Each of these assets require companies to use estimates, judgments, and discretion, except: O Equipment, net O Inventories O Cash O Accounts receivable, net
Assets are resources related to past transactions that are expected to provide a future economic benefit to the company. True False
In valuing a business, there are three primary sources of value: The value of operations, the value of fixed assets and the value of non- operating assets. True False

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The term used to describe the resources of an organization is "assets." Assets are used by a firm to earn revenue. Equipment, machinery, property, investments, cash, etc. are assets for businesses.