111. The value created by a business may be called assets.
112. The stockholders of a business have a priority claim to its assets in the event of liquidation.
113. The types of resources needed by a business are financial, physical, and labor resources.
114. Financial accounting information is usually less detailed than managerial accounting information.
115. The Financial Accounting Standards Board is a privately funded organization with authority for establishing accounting standards for businesses in the US.
116. A business and the person who owns the business are separate reporting entities.
117. Elements are subclassifications of the various accounts of the financial statements.
118. Liabilities represent the future obligations of a business entity.
119. Equity is a source of a business's assets, but liabilities are not.
120. Retained earnings reduces a company’s commitment to use its assets for the benefit of its stockholders.