Which of the following statements is true? O A. The financial information of an enterprise is summarised in financial reports called audit reports. O B. Expenses are decreases in economic benefits in the form of outflows or depletion of liabilities. O C. The total claims of the owners plus the claims of the creditors equal the net assets of the entity O D. Income results from economic benefits flowing to the entity because of various transactions with third parties, excluding the owners of the entity.
Which of the following statements is true? O A. The financial information of an enterprise is summarised in financial reports called audit reports. O B. Expenses are decreases in economic benefits in the form of outflows or depletion of liabilities. O C. The total claims of the owners plus the claims of the creditors equal the net assets of the entity O D. Income results from economic benefits flowing to the entity because of various transactions with third parties, excluding the owners of the entity.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:Which of the following statements is true?
O A The financial information of an enterprise is summarised in financial reports called audit reports.
O B. Expenses are decreases in economic benefits in the form of outflows or depletion of liabilities.
OC. The total claims of the owners plus the claims of the creditors equal the net assets of the entity
O D. Income results from economic benefits flowing to the entity because of various transactions with third parties,
excluding the owners of the entity.
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Introduction
The financial information of an entity is key in evaluating how the entity is performing as a whole and provides information of the overall aspects of the firm.
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