Which of the Following Is True About a Business' Assets

question 2

Multiple Choice

Which of the following is true about a business' assets?

• A)They are equal to liabilities minus shareholders' equity.
• B)They are the economic resources of the business.
• C)They are initially reported on the statement of financial position at current market value.
• D)They are reported on the income statement.

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Definitions:

Congress

The legislative branch of the United States federal government, divided into two chambers: the Senate and the House of Representatives, responsible for making national laws.

William Lloyd Garrison

A prominent American abolitionist, journalist, and social reformer known for founding the anti-slavery newspaper, "The Liberator," and advocating for the immediate emancipation of slaves.

Frederick Douglass

A former enslaved African American who became a prominent abolitionist, author, and orator in the 19th century, advocating for the rights of African Americans and women.

Equal Rights

The principle that all people should be treated equally under the law, with no discrimination based on characteristics such as race, gender, or ethnicity.