In accounting, economic resources owned by a company are known as _, whereas debts or obligations of a company are known as__. (15-1)

Question

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Answer 1

Textbook Question

Chapter 15, Problem 1CR

In accounting, economic resources owned by a company are known as _______, whereas debts or obligations of a company are known as________. (15-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer to Problem 1CR

Solution:

In accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Explanation of Solution

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

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Answer 2

Textbook Question

Chapter 15, Problem 1CR

In accounting, economic resources owned by a company are known as _______, whereas debts or obligations of a company are known as________. (15-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer to Problem 1CR

Solution:

In accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Explanation of Solution

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 15, Problem 1CR

In accounting, economic resources owned by a company are known as _______, whereas debts or obligations of a company are known as________. (15-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer to Problem 1CR

Solution:

In accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Explanation of Solution

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 15, Problem 1CR

In accounting, economic resources owned by a company are known as _______, whereas debts or obligations of a company are known as________. (15-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer to Problem 1CR

Solution:

In accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Explanation of Solution

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer to Problem 1CR

Solution:

In accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Explanation of Solution

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Answer 8

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer to Problem 1CR

Solution:

In accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Explanation of Solution

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

To fill: The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer 12

Answer to Problem 1CR

Solution:

In accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

Answer 13

Explanation of Solution

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.