Which of the following would appear in the equity section of the statement of financial position?
A) Loan from ABC Bank.
B) Loan to family member.
C) Bank overdraft.
D) Drawings by the owner.
Correct Answer:
Verified
Q7: The recognition criteria for liabilities includes:
A)future obligation.
B)probability
Q8: Intangible assets have no physical substance but
Q9: Identify the asset.
A)Bank overdraft.
B)Plant and equipment.
C)Loan from
Q10: Which of the following is a liability?
A)Drawings.
B)Prepaid
Q11: 'A present obligation of an entity arising
Q13: Which of these does not belong with
Q14: Which of these is not an asset?
A)Accounts
Q15: Which of the following is the correct
Q16: Identify the intangible asset.
A)Brand name.
B)Loan.
C)Accounts payable.
D)Inventory.
Q17: If liabilities are $45,000 and equity is
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