Your Net Worth,or Your General Level of Financial Worth,is Found

question 74

Multiple Choice

Your net worth,or your general level of financial worth,is found by

• A)subtracting your expenses from your income.
• B)dividing your monetary assets by your current liabilities.
• C)subtracting your liabilities from your assets.
• D)dividing monthly debt (less a mortgage payment)by monthly income.
• E)subtracting current liabilities from monetary assets.

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Definitions:

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a standard framework of guidelines for financial accounting used in any jurisdiction.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, presenting the financial results of its operations.

Journal Entry

A record in accounting that represents a transaction in which there has been a change in the value of the company's assets, liabilities, or equity.

Installation Costs

Expenses associated with setting up or installing equipment, machinery, or software, making them ready for use.