ECON 10A Study Guide - Midterm Guide: Net Income, Public Company Accounting Oversight Board, Accounts Payable
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Identify the choice that best completes the statement or answers the question. ___: the personal assets and liabilities of an owner are not shown on the business"s financial statements because of the a. b. c, objectivity concept. separate entity concept. sole proprietorship concept. financial position concept. ___: which of the following is legally a separate entity from its owner(s), sole proprietorship only, sole proprietorship and partnership only, corporation only, partnership only. ___: most business enterprises in the united states are, government units, partnerships. c, corporations. sole proprietorships. ___: the board of directors of a corporation is responsible for all of the following except arranging for major bank loans. a, authorizing contracts. c, declaring dividends. carrying out the daily operations of the business. ___: which of the following is the correct accounting equation, assets = liabilities + stockholders" equity, assets + stockholders" equity = liabilities, assets = liabilities stockholders" equity, assets + liabilities = stockholders" equity.
