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SOVA2 [1]
3 years ago
10

Which statement is true about the total assets and the total liabilities?

Business
2 answers:
emmasim [6.3K]3 years ago
7 0

Answer:

O The total of the assets is greater than the total of the liabilities.

Explanation:

Assets are valuables that a person or business owns. Liabilities are the debts that a business or individuals owe to others. As per the accounting equation formula, the total assets are equal to the total of liabilities and equity. It means that assets are financed by equity, which is the owners' contribution to the business and debts from third parties. Therefore, the total of assets should be greater than the components of liabilities.

Mnenie [13.5K]3 years ago
6 0

Answer: B. The total of the assets is greater than the total of the liabilities.

Explanation:

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A common workflow error that can cause duplicate expenses in QuickBooks Online is:

Duplicating any transaction.

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Collecting the principal on a loan to another company would be reported on the investing activities section of the statement of
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It’s true
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Generally accepted auditing standards are Group of answer choices 1. Required procedures to be used to gather evidence to suppor
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Answer:

"1"

Explanation:

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It covers field work , general standards and reporting.

It requires the auditor to have technical training and skills , due professional care and be objective in his engagements as an auditor.

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If a business cannot pay its debts, creditors can expect the owner(s) to pay the debts with their personal assets of the busines
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If this condition arises where a business can't able to pay it's debt, creditors can expect the owner to pay the debts with their personal assets of business is called- General Partnership or Sole Proprietorship.

<h2>What is sole proprietorship?</h2>

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The proprietor or dealer who owns the business uses their legal identity to carry on business. By registering a trade name with their local authority, they can also decide to conduct business under a different name.

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When the business owner decides or upon their passing, a sole proprietorship starts and ends.

To know more about Sole Proprietorship, refer to-

brainly.com/question/14593467

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