What are the rights of creditors (claims against the assets of the company--creditors' equity) that represent debts of the business called? Group of answer choices liabilities assets expenses revenues

Q: What  are business transactions called that increase owner’s equity as a result of providing a…

A: A liability is amount payable or obligation which results from past event, whose payment needs…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: Why does sole proprietor need a financial statement

A: A sole proprietorship usually referred to as a sole trader, is an unincorporated business with one…

Q: O a. Liability

A: Correct Answer :- Liability.

Q: The expense recognition principle relates

A: Expense recognition is based on accrual and matching concept where accrual concept states that…

Q: Revenue from sources other than the primary operating activity of a business like interest expense…

A: The Multistep income statement categories the different revenues and expenses incurred during the…

Q: The business document that reports assets, liabilities and stockholders’ equity is knows as:

A: Answer:   Balance sheet.

Q: Accounts receivable are long term assets for the business Select one: True False

A: Long term assets are generally referred to as the non current assets of the business which takes…

Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: Which of the following is true about financial accounting? It provides information to investors and…

A: Financial accounting: It can be defined as a process that relates to the preparation of financial…

Q: In determining whether a company needs to use the liquidation basis of accounting, how does the…

A: Business liquidation: The business ends to operate, its balance assets are sold and the sale…

Q: What does accounting entity assumption mean for a business?

A: The accounting entity assumption, also known as the economic entity assumption, is a fundamental…

Q: How are expenses recognized in accoun

A: Expenses are recognized in accounting through the process of expense recognition or matching…

Q: Prepare a retained earnings statement.

A:

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: Which component of the statement of owner's equity represents the accumulated profits or losses of…

A: Net income: This option is incorrect because net income represents the profit or loss for the…

Q: Conceptual Framework of Accounting Question: How does it inform decisions about; what is…

A: The conceptual framework of accounting is a set of principles, objectives, and guidelines that guide…

Q: How do business transactions affect the accounting records of a company?

A: Accounting Records - Accounting records are the transaction recorded by the organization from past…

Q: PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed.Owners (present…

A: Accounting serves the purpose of rendering the required information to different users of financial…

Q: What is included in the financial section of a business plan?     a. the industry, business…

A: Financial section of the business represent the financial position of the firm now and what it will…

Q: How would you describe the difference between cash basis accounting and accrual basis accounting?…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Accounts payables are long term liabilities for the business Select one: True False

A: Long-term liabilities are financial obligations of a company that are due more than one year

Q: What is the accounting treatment for the liquidation of a company? Explain the key steps involved in…

A: Liquidation of a company, also known as winding up, refers to the process of closing down a company…

Q: What do the Financial Statements of a business include?

A: INTRODUCTION: Every business handles a variety of daily business operations. The financial…

Q: Stockholders' equity can be described as debtor claim on total assets. creditorship claim on total…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: What assumption states that a business is able to financially continue operations and is not…

A: Accounting Principles- Accounting principles are the set of rules or principles defined for the…

Q: what are the difficulties may users of financial statements face it in using financial or accounting…

A: Accounting disclosure information: It is information that shows expenses and revenues of the…

Q: Assets pledged to fully secured creditors   a. Statement of Love Affairs   b. Statement of Corporate…

A: A fully secured creditor refers to those who are given collateral as against the debt given by them.…

Q: reditors are interested on how the business managed its assets to generate revenues. True or false

A: Creditor means the person who has sold goods on credit to the company and still to be paid.

Q: In following the liquidation basis of accounting, what financial statements must be presented?

A: Financial Statement:   A financial statement is the complete record of financial transactions that…

Q: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: Which of the following is most appropriate for IFRS? a. Should disclose all the material information…

A: IFRS stands for International Financial Reporting Standards. It refers to the standard and rules, as…

Q: Examined and describe the communication aspect of accounting in relation to assets valuation and…

A: Accounting Principles: Accounting principles are the principles and rules that organizations should…

Q: Accounts Payable (A/P) are: Amounts totaling the net worth of a company Amounts paid to owners…

A: Accounts payable refers to the sums owed to suppliers for products or services that were purchased…

Q: How do gains and losses relate to the normal operations of a business? Explain

A: Gains: Gains represent positive financial outcomes that result in an increase in a company's…

Q: Which of the following concepts states that a business will continue its operations for the…

A: Solution:- The following concepts states that a business will continue its operations for the…

Q: Which of the following systems provides the internal financial information needed to manage a…

A: The managers are responsible for the business operations and its success. The managers make…

Q: interest expense contribute to revenues

A: Interest expense is a non operating expense Interest expense is the cost incurred for burrowed funds…