Question 5
Claims of creditors and owners on the assets of a business are called liabilities .
Question 6 A business organized as a corporation Question 7 The accounting equation may be expressed as Question 8
Which of the following activities involves collecting the necessary funds to support the business ?
Question 9 Which of the following is an asset ? Question 10
Which of the following would not be considered an external user of accounting data for the Julian Company ?
Question 11
Ashley ‘ s Accessory Shop started the year with total assets of $ 140,000 and total liabilities of $ 80,000 . During the year the business recorded $ 220,000 in revenues , $ 110,000 in expenses , and dividends of $ 40,000 . The net income reported by Ashley ‘ s Accessory Shop for the year was
Question 12 Stockholders ‘ equity is comprised of Question 13