Which one of the following represents theexpanded basic accounting equation?Assets = Liabilities + Owner's Capital +Owner's Drawings Revenue - Expenses.Assets + Owner's Drawings + Expenses =Liabilities + Owner's Capital + Revenues.Assets - Liabilities - Owner's Drawings =Owner's Capital + Revenues - Expenses.Assets = Revenues + Expenses - Liabilities.

solution : the correct answer is Assets + owners drawings + expenses = liabilities + owners capital…

Answered: Which one of the following represents…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Identify or classify the different account titles as to whether the belong to Assets, Liabilities, Owner's Equity, Revenue, or Expense of the Business. Fill the amounts of the following SFP and SCI elements. Current Assets: _________ Noncurrent Assets: __________ Current Liabilities: _________ Noncurrent Liabilities: __________ Sales: __________ Expenses: ___________ Net Income (Loss): __________
Tr.5.
SLO-3.2. Which of the following is NOT a type of owner's equity? ORent Income OWithdrawls OOwner's Investment OAccounts Payable
Select any 5 financial Q1 transactions of your choice and put them into the basic accounting equations. Find the effect on Asset, Liabilities and Owner Equity and give the transactions. net result of the
2 All of the following increase owner’s equity except for which one?A. gainsB. investments by ownersC. revenuesD. acquisitions of assets by incurring liabilities
Assets = Liabilities + Owner’s Equity is called the _______________________. Group of answer choices accounting equation financial statements none of these statement equation
< Accrued expenses affect a. liabilities b. fixed assets C. assets Od. prepaid expenses on the balance sheet. 4
1. Define the following: Assets Liabilities Owner's Equity Revenue Expenses2. Give the specific account titles for each.
The mathematical statement (Assets = Liabilities + Owners’ Equity) = (Assets − Liabilities = Owners’ Equity ) = (Assets − Owners’ Equity = Liabilities) is correct? a. False b. true
Which of the given series have the same normal balances in the Accounting Equitation? Select one: a. Assets & Expenses b. Assets & Liabilities c. Revenue & Owner's Drawings d. Liabilities & Expenses
Which of the following represents all the elements of the financial statements?A. Assets, equity, and liabilities.B. Assets, liabilities, equity and statement of comprehensive income.C. Notes, Equity, Drawings, income and expenses.D. Asset, liabilities, equity, income and expenses.
The net worth method is a calculation based on a person’s: a. Assets, liabilities, income, and living expenses. b. Assets, liabilities, equity, and living expenses. c. Assets, liabilities, equity, and income. d. Assets, income, and living expenses Clear my choice

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Which one of the following represents the expanded basic accounting equation? Assets = Liabilities + Owner's Capital + %3D Owner's Drawings Revenue - Expenses. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues.