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SVEN [57.7K]
3 years ago
6

Which of the following statements explain(s) how the accounting equation applies to businesses? Check all that apply. A. The equ

ation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners. B. The equation applies to all transactions. C. The equation states that Revenues - Expenses = Assets. The relation of assets, liabilities and equity is reflected in the equation. D. The equation reflects the fact that, at any point in time, total revenues will always equal total liabilities and assets. E. The equation states that Assets = Liabilities + Equity.
Business
1 answer:
Levart [38]3 years ago
6 0

Answer:

A, E

Explanation:

The accounting equation states that Assets is the sum of the company's equity and liabilities where assets are the resources owned by the company. Equity refers to the resource the business owes the owners while liabilities are what the creditors (third parties) are owed by the business or company. These items are the elements that make up a company's balance sheet. For the balance sheet to be balanced;

Asset must equal the total of the liabilities and equity. Hence option A is right as well as E. Option B is not right as there are transactions that may be recorded between some elements of the balance sheet and those of the P/L. For instance, training cost incurred by the business paid with cash is between an asset and an expense. For option C, Revenue - Expense gives profit and not assets. The later part of the option is however true. Option D for the same reason as C is also not true.

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An assembly line is basically just a series of workers who assemble identical items in a line. One of the first uses of the assembly line was in Henry Ford's car factory.

3 0
3 years ago
Which of the following is not a related party for constructive ownership purposes under § 267? a.The taxpayer's grandmother. b.A
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Answer:

A). The taxpayer's aunt.

Explanation:

Constructive ownership is demonstrated as the allocation of stock ownership from one to another taxpayer by the integrity of their relationship. For example, the parents own the stocks of their children constructively. As per the section (c) of constructive ownership under § 267, the party that cannot be a related part for constructive ownership purposes would be 'the aunt' of the taxpayer as she is not related to the taxpayer with blood either half or whole. Thus, she would not have any ownership right over the stock or shares and hence, <u>option C</u> is the correct answer.

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3 years ago
What are two examples of barriers to entry in the magazine market?
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The main functions of human resource management can be categorized into ... A. Line function, management functions, and employee
babymother [125]

Answer:

C. Staff functions, line functions, and coordination functions

Explanation:

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3 years ago
Patricia McCarthy lives in a subsidized apartment complex for low-income senior citizens. She pays a monthly rent of $297 for a
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Answer:

$4,068

Explanation:

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= ($297 x 12) + ( $42 x 12)

=$3,564 + $504

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4 0
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