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