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Questions and Answers
Which of the following is a resource owned by a business entity?
Which of the following is a resource owned by a business entity?
- Equity
- Expenses
- Revenue
- Liabilities (correct)
What is the formula for calculating profit?
What is the formula for calculating profit?
- Assets = Liabilities + Equity
- Assets = Liabilities + Owner's equity
- Revenue = Sales
- Revenue - Net income (correct)
Which financial statement shows the financial position of a business?
Which financial statement shows the financial position of a business?
- Balance Sheet (correct)
- Income Statement
- Retained Earnings Statement
- Cash Flow Statement
What does the formula Assets = Liabilities + Equity represent?
What does the formula Assets = Liabilities + Equity represent?
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Which type of business has the highest level of ownership and control?
Which type of business has the highest level of ownership and control?
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