Homework Answers
Answer is as follows:
Correct Option : events that results in a change in assets, liabilities, or shareholders equity items.
The accounting systems should record all events that results in a change in assets, liabilities, or shareholders equity items. The accounting system depends on the needs of the organisation and accounting system should provide all necessary information of an organisation. Accounting systems are methods used to clssify, summarise, and report financial data for use of the organisation.
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decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4...
Receipt of cash before a good is provided or service is performed 1- increases an asset...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
ULed5eu Uy P22,500. Llave assets and shareholders' equity must have both decreased by $22,500. Question 3...
ULed5eu Uy P22,500. Llave assets and shareholders' equity must have both decreased by $22,500. Question 3 (1 point) Collection of an $800 accounts receivable increases an asset $800; decreases a liability $800. decreases a liability $800; increases shareholders' equity $800. decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record o II е 38
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders'...
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
Question 50 The assets section of the balance sheet normally presents assets in the order of...
50 The assets section of the balance sheet normally presents assets in the order of smallest to largest dollar amounts the order in which they will be converted into cash or used in operations the order of largest to smallest dollar amounts alphabetical order 49 Which of the following best describes accounting? It is used only for filling out tax returns. It only provides information used internally by managers. It records economic data but does not communicate the data to users according to any specific rules. It is an information system...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
The normal balance in an asset account is a debit. It's also the normal balance for...
The normal balance in an asset account is a debit. It's also the normal balance for an expense account. The normal balance for a liability and owner's equity accounts is a credit. Credit is the normal balance for revenues as well. This seems odd. Assets (economic resources) & expenses (outflows incurred to generate revenues) have the same normal balance and so do liabilities (amounts owed or creditor claims)and revenues (increases in equity from business transactions). It seems contradictory. Why is...
QUESTION 1 Prepaid Services is an example of An asset created by an accrual. An...
QUESTION 1 Prepaid Services is an example of An asset created by an accrual. An asset created by a deferral. A liability created by a deferral. A liability created by an accrual QUESTION 2 The Debt to Equity Ratio relates to: A more stringent ability to calculate liquidity The payment of debt's principals. The interest payments associated with debt The ability to meet short-term obligations QUESTION 3 Temporary accounts include: Cash Inflows and Outflows to be displayed...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing services for cash are to: a. increase assets and decrease stockholders' equity. b. increase assets and increase stockholders' equity. c. increase assets and increase liabilities. d. increase liabilities and increase stockholders' equity. 2. (LO 1) Genesis Company buys a $900 machine on credit. This transaction will affect the: a. income statement only b. balance sheet only. c. income statement and retained earnings statement only....
The following transaction has been recorded in a particular accounting period. Determine the effect of this...
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
ULed5eu Uy P22,500. Llave assets and shareholders' equity must have both decreased by $22,500. Question 3 (1 point) Collection of an $800 accounts receivable increases an asset $800; decreases a liability $800. decreases a liability $800; increases shareholders' equity $800. decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record o II е 38
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
The normal balance in an asset account is a debit. It's also the normal balance for an expense account. The normal balance for a liability and owner's equity accounts is a credit. Credit is the normal balance for revenues as well. This seems odd. Assets (economic resources) & expenses (outflows incurred to generate revenues) have the same normal balance and so do liabilities (amounts owed or creditor claims)and revenues (increases in equity from business transactions). It seems contradictory. Why is...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing services for cash are to: a. increase assets and decrease stockholders' equity. b. increase assets and increase stockholders' equity. c. increase assets and increase liabilities. d. increase liabilities and increase stockholders' equity. 2. (LO 1) Genesis Company buys a $900 machine on credit. This transaction will affect the: a. income statement only b. balance sheet only. c. income statement and retained earnings statement only....
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
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