Those who lend money or deliver goods and services before being paid are called a. investors. b. debtors. c. underwriters. d. creditors. 1. 2. The separate entity concept requires that transactions that involve an exchange of value be kept separate from those that do not. b. a. tax records be kept separate from financial reporting records c. the personal assets and liabilities of an owner not be shown on the business's financial statements d. a separate set of books be established for each segment of a business. 3. Which of the following is the correct accounting equation? a. Assets Liabilities+ Stockholders' Equity b. Assets+ Stockholders' Equity- Liabilities c. Assets Liabilities- Stockholders Equity d. Assets + Liabilities Stockholders' Equity 4. The best definition of assets is the: a. b. c. d. cash owned by the company. collection of resources belonging to the company and the claims on these resources. owner's investment in the business. resources belonging to a company having future benefit to the company