Profit is the differencebetween assetsandliabilities theincomingcash and outgoing cash the assetspurchased with cashinvested by stockholders and tire cash spent to operate the business theamounts received from customersfor goods or services and tire amounts paid lor theinputs used to provide thegoods or services Which of the following isnota role of accounting in business? to provide reports to users about the economic activities and conditions of a business to personally guarantee loans of the business to provide information to other users to determine the economic performance and condition of the business to assess the various informational needs of users and design its accounting system to those needs Debts owed by a business arc referred to as accounts receivables Assets owner's equity Liabilities The accounting equation may be expressed as Assets = Equities - Liabilities Assets + Liabilities = Owner's Equity Assets = Revenues - Liabilities Assets - Liabilities = Owner's Equity Earning revenue increases assets, increases stockholders' equity increases assets, decreases stockholders' equity increases one asset, decreases another asset decreases assets, increases liabilities Declaring and paying cash dividends increase expenses decrease expenses increase cash decrease stockholders' equity