Assets are the O a. resources owned by the business. O b. personal property of the owners. O c. c. rights of creditors over the business. O d. rights of owners over the business.
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- Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleAccording to which concept the owners are considered to be different from the business[A] Business entity concept[B] Going concern concept[C] Money measurement concept[D] Accounting period conceptThe owners' claims to the assets of the business are called ________. A.equity B.expenses C.debt D.return on assets
- The resources owned by a business are called:A. assets.B. liabilities.C. the accounting equation.D. stockholders’ equity.Which of the following accounting concepts considers the investment made by the owner in the business as the liability of the business? a.Dual aspect concept , b.Money measurement concept , c.Business entity concept , d.Going concern conceptDefine Accounting and its importance in the field of business.Define owner’s equity and how it is affected by investment, expenses, revenue and drawing? Define double entry system?
- A concept of accounting that indicates that the financial records of the business should be kept separate from the personal financial records of the business owner is the ________________________. Group of answer choices business entity concept cost concept proprietorship concept asset conceptIf the assets of the business is used for personal transactions, what is the impact?It represents the cash or other assets withdrawn from the business by the owner for the personal use. a. Drawings b. Dividends c. Equity d. Retained earnings
- Questions: 1. What is the total value of the asset that Ms. QWE contribute to the business? 2. Determine the value of Ms. QWE's ownership in the business.The costs of doing business are classified as:a. assets.b. liabilities.c. revenues.d. expenses.The expense recognition principle matches Select one: a. expenses with revenues. b. creditors with businesses. c. assets with liabilities. d. customers with businesses.
