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

Question

Want to see more full solutions like this?

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.

Want to see more full solutions like this?

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

Students have asked these similar questions

μ=1 r = 30 mm 500 mm a 7000 mm b 7000 mm C 500 mm

Phil has systematically contributed $3000 to his RRSP at the beginning of every three months for the past 17 years.If the RRSP has earned 8.8% compounded quarterly, what is the value of Phil’s RRSP today? (Do not round intermediate calculations and round your final answer to 2 decimal places.)The value of the RRSP today $

Answer all questions and show work

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.

Want to see more full solutions like this?

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.

Want to see more full solutions like this?

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.

Want to see more full solutions like this?

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.