Assets = liabilities + owners' equity is the equation for information reported on the
A. checking balance.
B. balance sheet.
C. income statement.
D. earnings statement.
E. statement of owners' equity.
Answer: B
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Differentiate between brokers and agents
What will be an ideal response?
Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan ________.
A. can revoke the contract, as an informal verbal agreement is not legally binding B. can revoke the contract, provided he does so before she completes the marathon C. can reduce the amount of money he offered her, provided he does so before she completes the marathon D. cannot revoke the contract
The main difference between final consumers and intermediate consumers is that the final consumers
A. do not have any bargaining power. B. purchase more than intermediate consumers. C. are not as flexible as intermediate consumers. D. pay cash. E. use products themselves.
The best business opportunities often combine both ________ and ________.
A. extreme luck/chance B. luck/sales skill C. sales/marketing D. internal/external factors