The accounting equation can be stated as:
A) Assets = Liabilities - Owner's Equity.
B) Assets - Liabilities = Owner's Equity.
C) Liabilities = Assets + Owner's Equity.
D) Owner's Equity = Assets + Liabilities.
Correct Answer:
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Q37: The Accounting Standards Board is responsible for
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A)are separate legal entities from
Q39: List and define three generally accepted accounting
Q40: GAAP stands for:
A)generally accepted auditing practices.
B)generally accrued
Q41: All of the following are assets except:
A)land.
B)cash.
C)Accounts
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Q44: Liabilities are:
A)insider claims to the business's assets.
B)outsider
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Q47: Owner's equity is often referred to as
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