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Question 49 correct mark 1 out of 1 it refers to the

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10/21/22, 3:59 PMREVIEW PAA - October 21-22 (8AM-8:PM) - OPTIONAL-THEORIES: Attempt reviewQuestion 50IncorrectMark 0 out of 1Tesoro Financial AnalysisSample Answers - Source of Assets, Use of Assets, Exchange of Claims, Exchange of AssetsTransaction 3 isExchange of Assets
potential to produce economic benefits. These are expected to be realized to cash within one year from thereport date or normal operating cycle of the business, whichever is longer.Question 52a.Liabilitiesb.I don’t knowc.Assetsd.Current assetse.EquityIncorrectMark 0 out of 1The following are two independent statements. (1) Dissolution is different from liquidation which is the windingup of business affairs. (2) The admission of new partner by purchase is the acquisition of interest of all of theexisting partners’ capital interest.
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Question 49CorrectMark 1 out of 1It refers to the present economic resource controlled by the entity as result of past events that have theYour answer is incorrect.Question 51CorrectMark 1 out of 1The following are two independent statements. (1) The balance sheet is also known as the statement offinancial position. (2) The Financial position may be assessed by referring to a balance sheet.
10/21/22, 3:59 PMREVIEW PAA - October 21-22 (8AM-8:PM) - OPTIONAL-THEORIES: Attempt reviewQuestion 53CorrectMark 1 out of 1Accounting is __________,_________ and _________ in a ___________, transactions and events,which are part at least, of financial character, and __________ the results thereof. Which terms or phrasesare missing in the given statement?a.Process of identifying, measuring, communicating, significant manner, interpretingb.Process of communicating, financial data, reporting, significant manner, presentingc.Art of understanding, recording and classifying, terms of money, analyzingd.Art of recording, classifying, summarizing, significant manner and in terms of money, interpreting
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