Which of the following statement related to the three elements in a balance sheet is not true?
A: A. Assets refer to the resources controlled by the firm
B: B. Liabilities refer to the amounts owed to lenders and other creditors
C: C. Owner’s equity refers to the residual interest in the net assets of an entity that remains after deducting its liabilities
D: D. Liabilities= Assets + Owners’ equity
A: A. Assets refer to the resources controlled by the firm
B: B. Liabilities refer to the amounts owed to lenders and other creditors
C: C. Owner’s equity refers to the residual interest in the net assets of an entity that remains after deducting its liabilities
D: D. Liabilities= Assets + Owners’ equity
举一反三
- Which of the following statement related to the three elements in a balance sheet is not true? A: A. Assets refer to the resources controlled by the firm B: B. Liabilities refer to the amounts owed to lenders and other creditors C: C. Owner’s equity refers to the residual interest in the net assets of an entity that remains after deducting its liabilities D: D. Liabilities= Assets + Owners’ equity
- Owners' equity is measured by subtracting liabilities from assets. This sentence can be described as the following equation ______. A: ASSETS - LIABILITIES + OWNER'S EQUITY B: ASSETS - LIABILITIES = OWNER'S EQUITY C: OWNER'S EQUITY = ASSETS + LIABILITIES D: OWNER'S EQUITY = LIABILITIES - ASSETS
- Johnson company pays the software company $5,000 with a check that they bought. Which the following statement is true? A: Assets are increase and liabilities are increase. B: Assets are decrease and owner’s equity is decrease. C: Assets are decrease and liabilities are decrease. D: Assets are increase and owner’s equity is increase.
- Which statement regarding the liabilities and owners’ equity section of balance sheet is False? A: Payment of Dividend Payable eliminates both the assets and the owners’ equity. B: Liabilities are debts or obligations that must be discharged in money or services in the future. C: Owners’ equity is a residual claim to the remaining assets after discharge of debts. D: Balance sheet of corporations should separate Capital Stock and Retained Earnings
- There are three Elements in balance sheet, namely assets, liabilities and owner’s equity.