Fundamental Accounting Principles Study Set 5
Quiz 1: Accounting in Business
Creditors' Claims on the Assets of a Company Are Called: A
Creditors' claims on the assets of a company are called: A) Net losses. B) Expenses. C) Revenues. D) Equity. E) Liabilities.
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Decreases in equity that represent costs of assets or services used to earn revenues are called: A) Liabilities. B) Equity. C) Withdrawals. D) Expenses. E) Owner's Investment.
The description of the relation between a company's assets, liabilities, and equity, which is expressed as Assets = Liabilities + Equity, is known as the: A) Income statement equation. B) Accounting equation. C) Business equation. D) Return on equity ratio. E) Net income.
Revenues are: A) The same as net income. B) The excess of expenses over assets. C) Resources owned or controlled by a company. D) The increase in equity from a company's earning activities. E) The costs of assets or services used.
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