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Recap of Overview of Financial Statements

Owner's funds...

Question

Owner's funds comes under the category _______

A

Asset

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B

Liability

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C

Capital

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D

None of these

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Solution

The correct option is C
Capital

Owner's funds comes under the category Capital

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Similar questions

Q. Which of the following, equations properly represents a derivation of the fundamental accounting equation?
(a) Assets + Liabilities = Owner Equity
(b) Asset = Owner Equity
(c) Cash = Assets
(d) Assets - Liabilities = Owner Equity

Q. Give one example of each of the following transactions:
(i) Increase in an asset and a liability.
(ii) Decrease in an asset and a liability.
(iii) Increase in assets and capital.
(iv) Decrease in assets and capital.

Which of the following comes under category Liabilities?

Q. A summary record of the changes in a particular asset, liability or owners equity is known as _________.

Which of the following comes under category assets?

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