31 QUESTION 31The term balance sheet is used because the following accounting identity must always hold:A) Assets = Liabilities - Owners' Equity.B) Assets = Liabilities + Owners' Equity.C) Liabilities = Assets + Owners' Equity.D) Owners' Equity = Liabilities + Assets.AO O O O

Balance sheet consists of assets and laibilties.Both must be balance each other in balance sheet.

QUESTION 31 The term balance sheet is used because the following accounting iden A) Assets = Liabilities - Owners' Equity. B) Assets = Liabilities + Owners' Equity. C) Liabilities - Assets + Owners' Equity. D) Owners' Equity = Liabilities + Assets.

QUESTION 31 The term balance sheet is used because the following accounting iden A) Assets = Liabilities - Owners' Equity. B) Assets = Liabilities + Owners' Equity. C) Liabilities - Assets + Owners' Equity. D) Owners' Equity = Liabilities + Assets.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 1SEA: SERIES A EXERCISES ACCOUNTING ELE MENT S Label each of the following accounts as an asset (A), a...

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