Question: Learning Objective 1 Use the above video link to answer the following questions. 1. Which of the following represents the financial position of a company?

Learning Objective 1 Use the above video link to answer the following questions. 1. Which of the following represents the financial position of a company? a. Income statement. b. Balance sheet. c. Statement of cash flows. d. Statement of shareholders' equity. 2. An economic resource must have which of the following characteristics to be considered an asset? a. Probable future economic benefit. b. Acquired through completed transaction by the company. c. Under control of the company. d. All of these choices. 3. Which of the following would not be reported on the balance sheet? a. Assets. b. Liabilities. c. Expenses. d. Shareholders' equity.

Use the above video link to answer the following questions. 1. Which of the following represents the financial position of a company? a. Income statement. b. Balance sheet. c. Statement of cash flows. d. Statement of shareholders' equity. 2. An economic resource must have which of the following characteristics to be considered an asset? a. Probable future economic benefit. b. Acquired through completed transaction by the company. c. Under control of the company. d. All of these choices. 3. Which of the following would not be reported on the balance sheet? a. Assets. b. Liabilities. c. Expenses. d. Shareholders' equity

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