What is the accounting equation? Briefly explain each of the three parts
What will be an ideal response
Assets = Liabilities + Equity.
Assets are economic resources that are expected to benefit the business in the future. They are things of value that a business owns or has control of. Liabilities are debts that are owed to creditors. They are one source of claims against assets. Equity is the other source of claims against assets. Equity is the stockholders' claims against assets and is the amount of assets that is left over after the company has paid its liabilities. It represents the net worth of the corporation.
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One of the chief complaints from government decision makers is that vendors have not done their homework. What are some ways a vendor can avoid this perception?
What will be an ideal response?
Electronic banking involves _____
a. end-of-month credit statements b. the use of standardized credit systems on a national level c. video-recording systems d. the use of automatic teller machines and the instant processing of retail purchases
Copyright for a work can only be claimed once the U.S. Copyright Office issues it
Indicate whether the statement is true or false
The effectiveness of work teams depends on
a. The adaptability of the organization b. The employee’s loyalty c. The item that they produce d. How well they are managed and treated within the organization