Which one of the following represents theexpanded basic accounting equation?Assets = Liabilities + Owner's Capital +Owner's Drawings Revenue - Expenses.Assets + Owner's Drawings + Expenses =Liabilities + Owner's Capital + Revenues.Assets - Liabilities - Owner's Drawings =Owner's Capital + Revenues - Expenses.Assets = Revenues + Expenses - Liabilities.

solution : the correct answer is Assets + owners drawings + expenses = liabilities + owners capital…

Answered: Which one of the following represents…

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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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
The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equity
(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________
From othe basic accounting equation Assets = Liabilities + Owners Equity, where does uncollectible accounts belong?
The resulting amount when total liabilities are subtracted from total assets is known as Select one: O a. Total expenses O b. Net income or net loss Oc. Total revenue O d. Owner's equity
1. Define the following: Assets Liabilities Owner's Equity Revenue Expenses2. Give the specific account titles for each.
Give the effects of the following transactions on ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUES, AND EXPENSES.
The balance sheet lists which of the following?A. assets, liabilities, and owners’ equityB. revenues, expenses, gains, and lossesC. assets, liabilities, and investments by ownersD. revenues, expenses, gains, and distributions to owners
Which of the following equations expresses the definition of “income”? Choices; Income = Revenues – Expenses Income = (Revenues + Gains) – (Expenses + Losses) Income = Revenues + Gains Income = Gains – Losses
Which should be classified as a financial asset? a. Patentb. Trade Accounts Receivablec. Inventoryd. Land
Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions amongthem?
assets equal to sum of liabilities and owners' equity. Do it correctly.

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Which one of the following represents the expanded basic accounting equation? Assets = Liabilities + Owner's Capital + %3D Owner's Drawings Revenue - Expenses. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues.