Which of the following are categories of assets? Receivables Inventories Pi ayments a , b , and c a and b a and c Question 2 ( 4 points) A limited liability company is a legal entity that separate the business from its owners a way to reduce risks to the owners from the business activities a way to bring together multiple investors so they call pool their resources to undertake a large business initiative None of the above. All of the above. Question 3 (4 points) The purpose of Accounting is to provide useful information for decision-making to the readers of financial reports identify assets and liabilities categorize information in ways that make it useful determine the point of view of the business entity Question 4 (4 points) Which financial statement represents the Accounting Equation? The Income Statement The Balance Sheet The Cash Flow Statement None of t above Question 5 (4 points) Specify the missing element of the accounting framework: assets, liabilities, expenses and income. Equity Tax Profit Savings Question 6 (4 points) A business has assets because: To please the Stock Exchange. They are used to directly or indirectly generate revenue. Then it can have more debt. Whoever has the most assets, wins. Question 7 (2 points) People who are employed by a firm are not assets because the firm cannot own or control people, True: False Accounting was developed in the 20th century. True False Questic ( 2 points) There is only one type of assets. True False Question 10 (2 points) The measurement of an asset's value is objective. True False Question 11 (2 points) A business starts with no assets and no obligations, True False Question 12 (2 points) A company's financial position has only one aspect. True False Liabilities are obligations to owners. True False Question 14 (2 points) Assets can never be intangible. True False.

1. Which of the following are categories of assets? Receivables Inventories Pi ayments a , b , and c
a and b a and c Question 2 ( 4 points) A limited liability company is a legal entity that separate
the business from its owners a way to reduce risks to the owners from the business activities a
way to bring together multiple investors so they call pool their resources to undertake a large
business initiative None of the above. All of the above. Question 3 (4 points) The purpose of
Accounting is to provide useful information for decision-making to the readers of financial
reports identify assets and liabilities categorize information in ways that make it useful determine
the point of view of the business entity Question 4 (4 points) Which financial statement
represents the Accounting Equation? The Income Statement The Balance Sheet The Cash Flow
Statement None of t above Question 5 (4 points) Specify the missing element of the accounting
framework: assets, liabilities, expenses and income. Equity Tax Profit Savings Question 6 (4
points) A business has assets because: To please the Stock Exchange. They are used to directly
or indirectly generate revenue. Then it can have more debt. Whoever has the most assets, wins.
Question 7 (2 points) People who are employed by a firm are not assets because the firm cannot
own or control people, True: False Accounting was developed in the 20th century. True False
Questic ( 2 points) There is only one type of assets. True False Question 10 (2 points) The
measurement of an asset's value is objective. True False Question 11 (2 points) A business starts
with no assets and no obligations, True False Question 12 (2 points) A company's financial
position has only one aspect. True False Liabilities are obligations to owners. True False
Question 14 (2 points) Assets can never be intangible. True False