Select the Correct Order for Each Set of Details or Sentences

question 8

Multiple Choice

Select the correct order for each set of details or sentences. In the wake of the flood, the house was a mess.
(1) _____ The basement and the entire first floor flooded and filled with mud.
(2) _____ The glass of the kitchen window broke.
(3) _____ The high winds left debris like broken tree limbs all over the front yard.

• A) 3, 1, 2
• B) 1, 2, 3
• C) 2, 1, 3

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Definitions:

Owner's Equity

The residual interest in the assets of a business after deducting its liabilities, representing the owner's claim on the company's resources.

Net Loss

The amount by which total expenses exceed total revenues in a given period, indicating a company is not profitable.

Drawings

Withdrawals made by the owner of a business from the company's earnings or assets for personal use.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from revenues.