Funds from unknown sources equals:
a. Assets ? liabilities.
b. Net worth increase + living expenses.
c. Income ? funds from known sources.
d. Net worth ?prior year's net worth.
c
FEEDBACK: a. Incorrect. This equals net worth
b. Incorrect. This equals total income
c. Correct.
d. Incorrect. This equals net worth increase.
You might also like to view...
An accounting measurement is concerned with all except which of the following?
a. Money measure b. Financial position c. Separate entity d. Business transaction
A(n ) ________ item has one or more parents but no components
Fill in the blanks with correct word
Databases are created in a DBMS during the implementation step
Indicate whether the statement is true or false
Your firm has the following income statement items: sales of $50,250,000; income tax of $1,744,000; operating expenses of $10,115,000; cost of goods sold of $35,025,000; and interest expense of $750,000. What is the amount of the firm's EBIT?
A) $15,552,000 B) $58,000,000 C) $5,110,000 D) $4,630,000