6-Assets are resources owned by business and provide future services or benefits

Question

6-Assets are resources owned by business and provide future services or benefits to the business
T or F
7- The economic resources that are owned by a business are called stockholders’s equity
T or F
8- Net income is another term of revenue
T or F
9-The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company for a specific period of time
T orF
10- The balance sheet reports assets and claims to those assets at specific point in time
T or F

Explanation / Answer

6 T 7 T 8 F 9 T 10 F

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