An asset is anything that is a resource of value that can be converted into cash. Individuals, companies, and even governments own assets. Explain the importance of the correct determination of an assets value and its effect on one of the financial statements.

The relationship between value and its expression in the form of money reflects in a transparent way that the equivalent is the result of a social relationship. Select one: a)Trueb)False

Which of the following statcments is not an objective of financial reporting? a. Provide information that is useful in investment and credit decisions. b. Provide information about enterprise resources, claims to those resources, and changes to them. c. Provide information on the liquidation value of an enterprise. d. Provide information that is useful in assessing cash flow prospects.

One output of the accounting information system is the balance sheet. Transactions commonly associated with an organization's purchases and cash disbursements cycle are most likely to be reflected in which sections of balance sheet? A Current assets and current liabilities B Current assets and long-term liabilities C Long-term assets and current liabilities D Long-term assets and long-term liabilities