Question

In: Finance

All of the following are uses of the Statement of Net Worth except:      It provides...

  1. All of the following are uses of the Statement of Net Worth except:
    1.      It provides a way of measuring progress in meeting the family’s goals.
    2.     A detailed list of assets shows what you can draw on if you run into financial difficulty.
    3.      The list and value of your assets show what you have to manage.
    4.     The Net Worth helps you monitor the build-up of your assets.

Solutions

Expert Solution

Answer:

a. It provides a way of measuring progress in meeting the family’s goals.

A "net worth" statement is prepared to provide a picture of the financial soundness of your business at a specific point in time. The statement records the assets of the business and their value, and the liabilities or financial claims against the business (i.e. debts).

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

The premium tax credit of the Affordable Care Act provides all of the following except: A...
The premium tax credit of the Affordable Care Act provides all of the following except: A federal subsidy for taxpayers whose household income is at least 100% but not more than 400% of the federal poverty line. The federal subsidy referred to under the Affordable Care Act is called the premium tax credit (PTC). A taxpayer must purchase insurance through the Health Insurance Marketplace in order to qualify for the subsidy. A taxpayer can receive the premium tax credit in...
Homeowners policy provides coverage for all of the following except: Select one: a. equipment used for...
Homeowners policy provides coverage for all of the following except: Select one: a. equipment used for maintenance of the premises. b. jewelry, furs, and guns. c. property of boarders not related to the insured. d. a shed used to store tools on the premises.
All of the following statements are true except one. Which statement is false?
All of the following statements are true except one. Which statement is false? A. The organization that formulates IFRSs is the International Accounting Standards Board. B. Professional accountants are held to a high standard of ethical conduct C. Bookkeeping is only a part of accounting D. Users of financial information are limited to shareholders of the company.
All of the following are true regarding California unemployment benefits except: A. Unemployment insurance (UI) provides...
All of the following are true regarding California unemployment benefits except: A. Unemployment insurance (UI) provides temporary payments to individuals who are unemployed through no fault of their own B. Unemployment insurance benefits are taxable income for Federal purposes C. Unemployment insurance benefits are not taxable by the State of California D. The Employment Development Department (EDD) sends a Form 1099-MISC to each individual for the total unemployment insurance benefits paid during the prior year
The management representation letter generally contains all of the following items, Except: A. A statement that...
The management representation letter generally contains all of the following items, Except: A. A statement that management is not aware of any undisclosed contingent liabilities. B. A statement that the financials are the responsibility of management. C. A statement that management agrees with the auditor determination of materiality. D. A statement that management is not aware of any fraud.
The management representation letter generally contains all of the following items, Except: A. A statement that...
The management representation letter generally contains all of the following items, Except: A. A statement that management is not aware of any undisclosed contingent liabilities. B. A statement that the financials are the responsibility of management. C. A statement that management agrees with the auditor determination of materiality. D. A statement that management is not aware of any fraud.
The management representation letter generally contains all of the following items, Except: A. A statement that...
The management representation letter generally contains all of the following items, Except: A. A statement that management is not aware of any undisclosed contingent liabilities. B. A statement that the financials are the responsibility of management. C. A statement that management agrees with the auditor determination of materiality. D. A statement that management is not aware of any fraud.
a. How is net worth calculated? b. What is the meaning of the statement that your...
a. How is net worth calculated? b. What is the meaning of the statement that your net worth is the equity you have in your own life?
Complete the statement of sources and uses of cash from the following entries: Net income $...
Complete the statement of sources and uses of cash from the following entries: Net income $ 2,300 Dividends 600 Additions to inventory 200 Additions to receivables 230 Depreciation 170 Reduction in payables 630 Net issuance of long-term debt 380 Sale of fixed assets 140
1. Write a statement that satisfies the following: universal statement (for all, for every, etc.) uses...
1. Write a statement that satisfies the following: universal statement (for all, for every, etc.) uses variables and a set (integers, rational numbers, or real numbers) the predicate is a conditional (if...then...) statement the predicate contains at least one of the following terms: even, odd, prime, composite, rational, irrational the statement is true the statement is not taken from the textbook 2. Give the statement you would use to give a proof by contraposition. 3. Give the statement you would...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT