1. The resources owned by a company are called: A. Assets. B. Liabilities. C. The accounting equation. D. Stockholders’ equity.

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2. A listing that a organization entity’s assets, liabilities, and stockholders’ equity together of a specific date is: A. A balance sheet. B. An income statement. C. The retained revenue statement. D. A explain of cash flows.

 


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Answer:

1. Choice A is correct

2.Option A is correct.

Explanation

1. A. Every the resources that have actually been purchased and possessed by the company are called assets. The sources that are offered for the objective of generating revenue because that the service are known as assets. Therefore option A is correct.

B. Liabilities are the amount of money or other things that the business owes come others. Legal responsibility are produced for the objective of possession the assets. Thus this option is wrong.

C. Accounting equation depicts the relationship between the assets, liabilities, and shareholders equity. It tells that the heritage are...
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