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Description: 17 - Which of the following is not included in the assets of the business?A) VehiclesB) Receivables C) FixturesD) Bank deposit E) Capital

Business

Accounting

Which of the following is not included in the assets of the business?

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 3CYBK

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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17 - Which of the following is not included in the assets of the business?

A) Vehicles

B) Receivables

C) Fixtures

D) Bank deposit

E) Capital

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