An example of a financing activity is:
Choose one answer.
a. Buying office supplies.
b. Selling inventory.
c. Obtaining a long-term loan.
d. Buying land.
e. Buying office equipment.
Net Income:
Choose one answer.
a. Represents owners' claims against assets.
b. Equals assets minus liabilities.
c. Represents the amount of assets owners put into a business.
d. Decreases equity.
e. Is the excess of revenues over expenses.
Net Income:
Choose one answer.
a. Represents owners' claims against assets.
b. Equals assets minus liabilities.
c. Represents the amount of assets owners put into a business.
d. Decreases equity.
e. Is the excess of revenues over expenses.