Identify each of the following as either part of equity or part of liabilities in the statement of financial position of a partnership.Partner's capital
A: Liabilities
B: Equity
A: Liabilities
B: Equity
举一反三
- 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
- The ( ) is a financial statement that summarizes a hotel’s assets, liabilities and shareholders’ equity at a specific point in time. A: income statement B: balance sheet C: statement of cash flow D: equity statement
- 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.
- The statement of changes in owners’ equity contains assets, liabilities and capital. ( )
- Which of the following statement related to the three elements in a balance sheet is not true? A: Liabilities= Assets + Owners’ equity B: Assets refer to the resources controlled by the firm C: Liabilities refer to the amounts owed to lenders and other creditors D: Owner’s equity refers to the residual interest in the net assets of an entity that remains after deducting its liabilities