ACG 2021- Chapter 1- Account identification;
Questions & Answers 100% Pass
What is the definition of asset? CORRECT ANSWER-An economic resource that is
expected to benefit the business in the future. Something of value that the business owns.
What is the definition of liability? CORRECT ANSWER...
ACG 2021- Chapter 1- Account identification;
Questions & Answers 100% Pass
What is the definition of asset? CORRECT ANSWER-An economic resource that is
expected to benefit the business in the future. Something of value that the business owns.
What is the definition of liability? CORRECT ANSWER-Debts that are owed to creditors.
Something the business owes.
What is the definition of equity? CORRECT ANSWER-The owner's claim to assets.
What is the definition of revenue? CORRECT ANSWER-Earnings that result from
delivering goods or services to customers.
What is the definition of expense? CORRECT ANSWER-The cost of selling goods or
services.
What is the accounting equation? CORRECT ANSWER-Assets= Liabilities + SH Equity
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