Assets are economic resources of a business expected to be of benefit in the future.
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Q38: Partnerships and proprietorships:
A)are separate legal entities from
Q39: List and define three generally accepted accounting
Q40: GAAP stands for:
A)generally accepted auditing practices.
B)generally accrued
Q41: All of the following are assets except:
A)land.
B)cash.
C)Accounts
Q42: The accounting equation can be stated as:
A)Assets
Q44: Liabilities are:
A)insider claims to the business's assets.
B)outsider
Q45: When a revenue is recorded, the asset
Q46: A business paid $8,500 to a creditor.
Q47: Owner's equity is often referred to as
Q48: If owner's equity is $135,000 and total
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