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maria [59]
3 years ago
5

Which of the statements below is​ TRUE?A.Accounting Identity​ is: Assets equivalentLiabilities minus​Owners' Equity.B.Accounting

Identity​ is: Assets equivalent​Owners' Equity minusLiabilities.C.Accounting Identity​ is: Assets equivalentLiabilities​ + Owners' Equity.D.Accounting Identity​ is: Liabilities equivalentAssets​ + Owners' Equity.
Business
1 answer:
jeka57 [31]3 years ago
8 0

Answer:

C.Accounting Identity​ is: Assets equivalentLiabilities​ + Owners' Equity.

Explanation:

In accounting identity all variables must balance, if they do not balance according to the equation then there must be an error in formulation, measurement or calculation.

The basic assumption in accounting identity is that the balance sheet must balance. That is assets must be equal to a sum of liabilities and owner's equity.

Asset= Liabilities+ Owners Equity.

This relationship is based on the convention of double entry, for every debit there is an equal credit.

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Answer:

The entries are made as follows;

Explanation:

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sergij07 [2.7K]

Answer:

1. Sales Budget

2. Selling and Administrative Budget

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Explanation:

First of all the sales budget is prepared in which expected sales are shown and then the selling and administrative budget is prepared which shows expenses related to sale.

The income statement budget is prepared which shows the expected income.

Then at last  Budgeted Balance Sheet  is prepared in which the expected income is transferred.

The order in which they appear is as follows.

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2. Selling and Administrative Budget

3. Budgeted Income Statement

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d

Explanation:

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Answer:

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