Identify the item that would appear in the equity section of the statement of financial position.
A) Loan from ABC Bank.
B) Loan to family member.
C) Bank overdraft.
D) Drawings by the owner.
Correct Answer:
Verified
Q2: In the accounting equation, claims on the
Q4: If liabilities are $55,000 and assets are
Q5: The purpose of the statement of financial
Q7: The recognition criteria for liabilities includes:
A)future obligation.
B)probability
Q8: Intangible assets have no physical substance but
Q9: Identify the asset.
A)Bank overdraft.
B)Plant and equipment.
C)Loan from
Q11: 'A present obligation of an entity arising
Q13: Which of these does not belong with
Q16: Identify the intangible asset.
A)Brand name.
B)Loan.
C)Accounts payable.
D)Inventory.
Q18: Which of these is not always a
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