Which of the Following Describes the Proper Form of a Balance

question 61

Multiple Choice

Which of the following describes the proper form of a balance sheet?

• A)The heading sets forth the period of time covered.
• B)Cash is always the first asset listed,followed by permanent assets (such as land and buildings),and finally by assets such as receivables and supplies.
• C)Liabilities are listed before owners' equity.
• D)A subtotal for total assets plus total liabilities is shown.

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Definitions:

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Utility Function

Describes how a consumer ranks different baskets of goods based on the level of satisfaction or utility derived from them.

Expected Utility

A concept in economics that represents a consumer's preference for certain outcomes, quantified as the weighted average of utility over all possible outcomes.

Probability

The quantification of how probable it is for an event to take place, indicated by a value ranging from 0 to 1.