Which of the following statements concerning equity is true?
A. It is the owner’s claim to the assets of the entity after deducting liabilities.
B. It is fixed at the amount initially contributed when the business was established.
C. It is decreased by profit.
D. Assets + liabilities = equity.
Answer:A
Which of the following statements concerning equity is true?
A. It is the owner’s claim to the assets of the entity after deducting liabilities. B. It is fixed at the amount initially contributed when the business was established. C. It is decreased by profit. D. Assets + liabilities = equity.