Profit is the difference between assets and liabilities the incoming cash and ou

Question

Profit is the difference between assets and liabilities the incoming cash and outgoing cash the assets purchased with cash invested by stockholders and tire cash spent to operate the business the amounts received from customers for goods or services and tire amounts paid lor the inputs used to provide the goods or services Which of the following is not a role of accounting in business? to provide reports to users about the economic activities and conditions of a business to personally guarantee loans of the business to provide information to other users to determine the economic performance and condition of the business to assess the various informational needs of users and design its accounting system to those needs Debts owed by a business arc referred to as accounts receivables Assets owner's equity Liabilities The accounting equation may be expressed as Assets = Equities - Liabilities Assets + Liabilities = Owner's Equity Assets = Revenues - Liabilities Assets - Liabilities = Owner's Equity Earning revenue increases assets, increases stockholders' equity increases assets, decreases stockholders' equity increases one asset, decreases another asset decreases assets, increases liabilities Declaring and paying cash dividends increase expenses decrease expenses increase cash decrease stockholders' equity

Explanation / Answer

1 d is the answer

2 b is the answer

3 d is the answer

4 d is the answer

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