A Denomination Is a

question 105

Multiple Choice

A denomination is a

• A)generally small,secretive religious group that represents either a new religion or a major innovation of an existing faith.
• B)large organized religion that is not officially linked with the state or government.
• C)religious organization that claims to include most or all of the members of a society and that is recognized as the national or official religion.
• D)relatively small religious group that has broken away from some other religious organization to renew what it views as the original vision of the faith.

---

Definitions:

Accounting Equation

The accounting equation is a fundamental principle of accounting that states that assets equal liabilities plus equity; it forms the basis for double-entry bookkeeping.

Owners' Equity

Represents the amount of capital that the owners or shareholders have in the company after deducting liabilities from assets.

Assets

Resources owned by a business or individual, considered valuable because they can be used to produce goods, services, or generate revenue.

Liabilities

Refers to the financial obligations a company owes to outside parties, including debts, loans, and other forms of financial responsibilities.