General Accounting Question Which of the following statements is correct?a) Assets = Liabilities - Owner's Equityb) Assets = Liabilities + Owner's Equityc) Owner's Equity = Assets + Liabilitiesd) Liabilities = Assets + Owner's EquityAnswer: b) Assets = Liabilities + Owner's Equity

Explanation of Assets: Assets are resources owned by a company that have economic value and can…

Answered: Which of the following statements is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 4MC: The balance sheet lists which of the following? A. assets, liabilities, and owners equity B....

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Which of the following statements is correct? a) Assets = Liabilities - Owner's Equity b) Assets = Liabilities + Owner's Equity c) Owner's Equity = Assets + Liabilities d) Liabilities = Assets + Owner's Equity Answer: b) Assets = Liabilities + Owner's Equity