Chapter 2.1 Flashcards
1
Q
Who is entitled to the assets?
A
The answer is on the right side of the balance sheet
2
Q
Why do creditors and owners have a claim on the assets?
A
They have provided the funds used to acquire the assets they have
3
Q
If a business is closed down, who takes possession of the assets?
A
They still belong to the creditors and then the owners ( in that order)
4
Q
A
