Fundamental Accounting Principles Study Set 5
Quiz 1: Accounting in Business
An Owner's Investment in a Business Always Creates an Asset
An owner's investment in a business always creates an asset (cash), a liability (note payable), and owner's equity (investment.)
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Return on assets is often stated in ratio form as the amount of average total assets divided by income.
Return on assets is also known as return on investment.
Return on assets is useful to decision makers for evaluating management, analyzing and forecasting profits, and in planning activities.
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