The _______________ of a Company Is the Resources Owned by the Organization

question 67

Multiple Choice

The _______________ of a company is the resources owned by the organization at a point in time, offset by the claims against those resources and owner's equity.

• A) net income
• B) financial statement
• C) net loss
• D) financial position

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Definitions:

Inventories

Quantifiable lists of goods or materials a company holds for the purpose of sale, manufacturing, or utilization in production.

Equipment

Equipment consists of the necessary tools, machinery, and other material goods required for performing specific tasks or operations within various contexts, such as a business or workshop.

Receivables

Short-term amounts due to a company from its customers, typically from sales of goods or services on credit.

Accounts Receivable

Money owed to a company by its customers for products or services that have been delivered but not yet paid for.