Which of the following statements is true? Select one: a. Profit can be calculated as...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Which of the following statements is true? Select one: a. Profit can be calculated as net assets at the beginning of the year less net assets at the end of the year less drawings, b. Withdrawal of cash or other asset for the private use of the owner is indicated by revenue in the profit and loss statement c. Equity can be viewed as the amount of assets left over to the owners of the company after deducting all liabilities, d. An entity's profit is represented by a decrease in cash of the entity A credit entry is made to: Select one: a. Decrease an asset; increase a liability, and increase equity. b. Increase an asset; increase a liability, and increase revenue. c. Increase an asset; decrease a liability; and decrease expense. d. Increase an expense; increase revenue; and increase equity
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
