________ Are Those Items of Value the Business Owns;________ Are

question 96

Multiple Choice

________ are those items of value the business owns;________ are those things the business owes.

• A)Assets;liabilities
• B)Liabilities;assets
• C)Ratios;equities
• D)Equities;liabilities

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Definitions:

Successful-efforts Method

An accounting method used in the oil and gas industry where costs are capitalized only if successful discoveries are made.

Full-cost Method

Accounting practice where all direct and indirect fixed and variable costs are allocated to inventory until the products are sold.

IFRS

A set of accounting standards named International Financial Reporting Standards, developed globally by the International Accounting Standards Board (IASB).

Expensed

Refers to the accounting practice of recognizing a cost as an expense in the income statement in the period it is incurred.