Christine's First Job Christine Has Just Earned Her Undergraduate Degree in Accounting and in Accounting

Multiple Choice

Christine's First Job
Christine has just earned her undergraduate degree in accounting and has successfully completed the CPA exam. She recently interviewed with a relatively small and new company and was offered a job. The offer sounded very promising; the job had opportunities to grow with the company and provided diverse challenges. Christine accepted the job.
Once Christine started working, she realized that the owners and employees did not have a general understanding of accounting. She had to teach them how data is transformed into financial information and, from that point, reported on various statements. When she talked about the statement of financial position, they had no idea what she was talking about. She was the qualified individual responsible for accounting. No one else working with her had much knowledge. They did not even know the different financial ratios that someone could use to understand the financial standing of a company. Christine knows it will be a challenge to keep everyone on the same page when it comes to numbers and reports.
-Refer to Christine's First Job. When Christine talked about the accounting equation and the resources owned by the business--the cash, inventory, and equipment--she wants to make clear that she's referring to the ____ of the firm.

A) assets
B) owners' equity
C) liabilities
D) retained earnings
E) intangible assets