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ikadub [295]
3 years ago
10

By wr

Business
1 answer:
pashok25 [27]3 years ago
5 0

Answer:

C. Liabilities

Explanation:

Financial accounting can be defined as the field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time.

Owner's equity is simply what a person owns outrightly and it is also referred to as net worth. It ​can be defined as the value of financial and non-financial assets owned by a person minus the total outstanding liabilities or debts of that person. Simply stated, owner's equity refers to the difference between the amount a person own (asset) and the amount owed (liability).

Mathematically, net worth is given by the formula;

Owner's \; equity = Total \; assets - Total \; liabilities

Making liabilities the subject of formula, we have;

Total \; liabilities = Total \; assets - Owner's \; equity

In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.

Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.

Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.

Hence, Assets minus Owner's Equity is equal to Liabilities.

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Before implementing controls in a newly developed system, management should PRIMARILY ensure that the controls:
jolli1 [7]

Answer:

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Explanation:

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3 years ago
On July 23 of the current year, Dakota Mining Co. pays $6,492,240 for land estimated to contain 9,144,000 tons of recoverable or
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Answer:

a. Debit Land accounts  $6,492,240

   Credit Cash account   $6,492,240

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and for the payment and installation of machinery,

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When an asset is purchased with cash, the entries required are debit asset and credit cash. Such asset includes land, equipment, building, mines, inventory etc.

As such to record the purchase of a land,

Debit Land accounts

Credit Cash account

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2 years ago
Read the first paragraph of "The Effectiveness<br> of Capital." What do you think productive means?
Ganezh [65]

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2 years ago
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