Knowee
Questions
Features
Study Tools

The owner's claim over the assets of the business.Select one:a.Statement of Financial Positionb.Capitalc.Expensesd.Revenue

Question

The owner's claim over the assets of the business.

Select one:

  • a. Statement of Financial Position
  • b. Capital
  • c. Expenses
  • d. Revenue
🧐 Not the exact question you are looking for?Go ask a question

Solution

To determine the correct answer to the given question about the owner's claim over the assets of the business, we need to analyze the options provided:

  1. Statement of Financial Position: This is a financial statement that summarizes a company's assets, liabilities, and equity at a specific point in time. It reflects the financial health of a business but does not directly denote the owner's claim.

  2. Capital: This refers to the financial assets or resources that the owner has invested in the business. It represents the owner's equity and claim over the assets after all liabilities have been settled.

  3. Expenses: These are costs incurred in the operation of a business. While they are deducted from revenue to determine profit, they do not pertain to ownership claims.

  4. Revenue: This is the income generated from normal business operations. Like expenses, it does not reflect ownership claims on assets.

After considering the definitions, the best answer is:

Final Answer

b. Capital

This problem has been solved

Similar Questions

Statement listing assets, liabilities and owner's equity.Select one:a.Statement of Financial Positionb.Revenuec.Capitald.Expenses

Earnings or gains in a business arising from its activities.Select one:a.Expensesb.Capitalc.Revenued.Statement of Financial Position

The used up assets needed by the firm in generating revenues.Select one:a.Expensesb.Capitalc.Revenued.Statement of Financial Position

This is a type of Financial Statement that shows what a company owns and what it owes:

Items of value owned by a firm are called Blank______.Multiple choice question.expensesassetsliabilitiesrevenue

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.