assignement_2_acct_101-solution (1).docx - PRINCIPLES OF...

This preview shows page 1 - 2 out of 2 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Managerial Accounting
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise EX10-15
Managerial Accounting
Warren/Tayler
Expert Verified
PRINCIPLES OF ACCOUNTING ACCT 101 ASSIGNMENT 2 Last due date for submission 3 rd October 2015 Discussion Questions Q1. Define [a]assets, [b] liabilities, and [c] equity [a] assets : Are resources a company owns or controls. These resources are expected to yield future benefits [b] liabilities : Are creditors’ claims on assets. These claims reflect company obligations to provide assets, products, or services to others. [c] equity : Is the owner’s claim on assets. Equity is equal to assets minus liabilities.. this is the reason equity is also called net assets or residual equity. Q2. Which financial statement is sometimes called the statement of financial position Balance sheet Quick study Q1. Identify the financial statement[s] where each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet. a. Accounts payable e. prepaid insurance b. Cash f. Revenue c. Rent expense g. Office equipment d. Office supplies h. Unearned rent revenue.
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Managerial Accounting
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise EX10-15
Managerial Accounting
Warren/Tayler
Expert Verified

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture