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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This concerns ensuring that company assets are being used efficiently. a. Financial planning b. Financial control c. Financial decision-making d. Financial asset efficiency
Briefly describe the term "defalcation: and explain how it affects the assets of a company.
Activity measures are designed to quantify the impact of a firm’s ability toefficiently utilize its assets. Turnover ratios are the most common activitymeasures and are generally calculated for each of the following assets excepta. accounts receivable.b. inventory.c. cash.d. plant and equipment.
Real assets are - O assets used to produce goods and services always the same as financial assets always equal to liabilities claims on a companyâ€™s income
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.
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
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
(a) Explain what is meant by ‘capital expenditure’ and by ‘revenue expenditure’ and how each is treated in the financial records of a company. (b) Some of the following items should be treated as capital and some as revenue. For each of them state which classification applies: (i) The purchase of machinery for use in the business. (ii) Carriage paid to bring the machinery in (i) above to the works. (iii) Complete redecoration of the premises at a cost of $1,500. (iv) A quarterly account for heating. (v) The purchase of a soft drinks vending machine for the canteen with a stock of soft drinks. (vi) Wages paid by a building contractor to his own workmen for the erection of an office in the builder’s stockyard.
“Managers are stewards of the company’s assets.” Discuss what this means.
Explain the meaning of Non -current Assets in business setting

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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.