Solved

For Each Financial Statement Item Identify the Best Description

Question 86

Matching

For each financial statement item identify the best description , You may use each choice more than once or not at all.

Premises:
Current liability
The property part of property, plant, and equipment
Retained earnings
Contributed capital
Current asset
Responses:
Amount of net income or loss less distributions to the owners of the company
Must be settled within one year
Converted to cash within one year
Amount of owners’ investment
Portion of equity to which dividends reduce
Land used as a site for production

Correct Answer:

Amount of net income or loss less distributions to the owners of the company
Must be settled within one year
Converted to cash within one year
Amount of owners’ investment
Portion of equity to which dividends reduce
Land used as a site for production
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