1. A business entity is regarded as parate from the personal activities of its owners whether it is a sole proprietorship, a partnership, or a corporation.
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2. Asts need not always have physical characteristics such as buildings, machinery or inventory.
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3. The going concern principle assumes that the business will continue indefinitely.
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4. Notes payable and accounts payable are written promis to pay an amount owed by
a certain date. Notes payable generally have interest but accounts payable generally do not.
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宁波唐宁街英语5. A net profit results from having more revenues than liabilities.
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6. The sale of additional shares of capital stock will cau treasury stock to increa.
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7. Articulation between the financial statements means that they relate cloly to each other.
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8. Limited liability means that owners of a business are only liable for the debts of the business up to the amounts they can afford.
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9. In a business organized as a corporation, it is not necessary to list the equity of each stockholder on the balance sheet.
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10. Total asts always equal total liabilities plus total owners' equity.
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11. A cash flow statement reports revenue and expen activities for a specific time period such as one month or one year.
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12. Any business event that might affect the future profitability of a business should be reported in its balance sheet.
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13. Total asts plus total liabilities equals total owners' equity.
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你好吗的英语14. The practice of showing asts on the balance sheet at their cost rather than at their
current market value is explained in part by the fact that cost is supported by objective evidence that can be verified by independent experts.
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