Give short answers to questions 13. What is a classified financial statement?14. Explain the following terms:(a) Current asset(b) Fixed asset(c) Liquidity order(d) Current liability(e) Long-term liability15. Explain the cost principle as it is applied to fixed assets on the balancesheet.16. What effect does a withdrawal of assets from the business by the ownerhave on the owner's equity?17. (a) What effect does a net loss have on the owner's equity?(b) What effect does a net income have on the owner's equity?(c) What is a statement of owner's equity?18. Define prepaid expenses with examples and indicate what type of accountthey are.

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14. Explain the following terms: (a) Current asset (b) Fixed asset (c) Liquidity order (d) Current liability (e) Long-term liability 15. Explain the cost principle as it is applied to fixed assets on the balance sheet. 18. What effect does a withdrawal of assets from the business by the owner have on the owner's equity? 7. (a) What effect does a net loss have on the owner's equity? (b) What effect does a net income have on the owner's equity? (c) What is a statement of owner's equity? & Define prepaid expenses with examples and indicate what type of accou they are.

14. Explain the following terms: (a) Current asset (b) Fixed asset (c) Liquidity order (d) Current liability (e) Long-term liability 15. Explain the cost principle as it is applied to fixed assets on the balance sheet. 18. What effect does a withdrawal of assets from the business by the owner have on the owner's equity? 7. (a) What effect does a net loss have on the owner's equity? (b) What effect does a net income have on the owner's equity? (c) What is a statement of owner's equity? & Define prepaid expenses with examples and indicate what type of accou they are.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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