Equity is the residual interest in the entity’s assets after deducting its liabilitiesGroup of answer choicesTrueFalse

Which of the following is false for owner’s equity?Select one:a.Equity is defined as the residual interest in the assets of the entity after deducting all its liabilities.b.Equity is not a claim against assets, it is what is left over after all liabilities are deducted from assets.c.Equity differs from liabilities in that liabilities are obligations which must be settled out of the assets of the entity, whilst equity is not an obligation which has to be settled.d.Equity is the same as a liability because it is an obligation which must be settled with the owner of the entity.

Which of these is not a part of equity?Group of answer choicesContributed equityDividends payableRetained earningsGeneral reserve

The residual interest in the firm’s asset after paying off all liabilities is A. Profit B. Equity C. Asset D. Liability

Equity can be described as claims ofGroup of answer choicescreditors on total assets.owners on total assets.customers on total assets.auditors on total assets.

Equity is increased by: Group of answer choices dividends. revenues. expenses. liabilities.