Answered: Decreases equity. Represents the amount…

Name: Net Income:Multiple ChoiceDecreases equity.Represents the amount of a
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Description: Net Income:Multiple ChoiceDecreases equity.Represents the amount of assets owners put into a business.Equals assets minus liabilities.Is the excess of revenues over expenses.Represents owners' claims against assets.

Business

Accounting

Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims against assets.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 4MC: The balance sheet lists which of the following? A. assets, liabilities, and owners equity B....

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Similar questions

The balance sheet lists which of the following? A. assets, liabilities, and owners equity B. revenues, expenses, gains, and losses C. assets, liabilities, and investments by owners D. revenues, expenses, gains, and distributions to owners
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Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.
A. Identify the nature of each account using the letter A for assets, L for liabilities, SE for shareholders’ equity, R for revenue, E for expenses, and NA for not applicable. B. Calculate net income for the period. C. How much has been earned by the company’s operations but not distributed to shareholders? D. What is the total investment by shareholders? E. How much do customers owe the company?
One of the elements of financial statements is comprehensive income. As described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," comprehensive income is equal to Select one: revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners plus assets minus liabilities. revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners. None of these answer choices are correct. revenues minus expenses plus gains minus losses.
Owner's equity Select one: a. The resulting amount when total liabilities are subtracted from total assets b. When total liabilities are added to total assets c. None of Them d. The resulting amount when total revenue are subtracted from total cost of sales
Profit is the difference between?a. Assets and liabilitiesb. Assets and equitiesc. The assets purchased with the cash contributed by the owner and the cash spent to operate the businessd. The assets received for goods and services and the amounts used to provide the goods and services
revenue may be defined as : a- increase in assets from all sources b- the amount of capital invested by the owners of a business c- the reduction of liabilities previously owned d- the increase in equity other than contributions from equity participants
Which of the following statements regarding owner's capital is not valid? a. It is increased by investments to the business by the owner. b. It is increased by income earned by the business. c. It is increased by distributions to the owners (drawings by owners). d. It is decreased by expenses incurred by the busines
The......of a business is the amount of income A-Revenue B-venture C-assest D-fund