As of December 31, 2011, Sievers Company Has Assets of ₤70,000

question 148

Multiple Choice

As of December 31, 2011, Sievers Company has assets of ₤70,000 and equity of ₤40,000.What are the liabilities for Sievers Company as of December 31, 2011?

• A)₤30,000.
• B)₤20,000.
• C)₤50,000.
• D)₤40,000.

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Definitions:

Proprietary Fund

A type of fund used in governmental accounting that is used to account for activities similar to those found in the private sector, where the payment of fees by external users for goods or services provided by the fund is the principal source of revenue.

Special Tax Levy

A tax imposed for a specific purpose, often by local or state governments, beyond regular taxing mechanisms.

Environmental Preservation

Actions and policies aimed at protecting the natural environment from degradation and pollution to ensure its health and sustainability for future generations.

Derived Tax Revenue

Income obtained by government authorities through taxation that is influenced or generated from specific business activities or transactions.