Accounting system to classify business transactions, Business Management

Assignment Help:

Q. Accounting system to classify business transactions?

Question

Jerry accepts a formal, written promise from an employee of his hotel to pay a certain sum. The employee plans to repay the hotel within the current fiscal year, and states this intention in the note. Notes Receivable are classified as:

Answer

 

a.

owners' equity.

 

b.

liabilities.

 

c.

assets.

 

d.

expenses.

Question

The basic element used in an accounting system to classify and summarize business transactions is the:

Answer

 

a.

marketable security.

 

b.

T-account.

 

c.

account.

 

d.

Liability

Question 15

 

 

Sara totals the credits and debits for a certain account and finds that the account carries a debit balance. All of the following types of accounts typically carry a debit balance except:

Answer

 

a.

drawing accounts.

 

b.

expense accounts.

 

c.

asset accounts.

 

d.

liability accounts.

 

Question

Revenue from cash sales ultimately affects which two balance sheet accounts?

Answer

 

a.

assets and expenses

 

b.

assets and owner's equity

 

c.

assets and liabilities

 

d.

liabilities and owner's equity


Related Discussions:- Accounting system to classify business transactions

Principles and practices of management, #what are the drawbacks in classica...

#what are the drawbacks in classical and neo classical theories of management

Marketing environment, How to find what the marketing environment is for a ...

How to find what the marketing environment is for a company

Strategy, strategy as an organizational process

strategy as an organizational process

Small business enterprises, Small Business Enterprises (SBE's) do play a ma...

Small Business Enterprises (SBE's) do play a major role in the world economy, and they are recognized as one of the main contributors to economic, development and employment growth

Appraisal and failure model for measuring quality costs, QUESTION (a) E...

QUESTION (a) Explain the Prevention, Appraisal and Failure model for measuring quality costs (b) The Quality Manager has provided you with the following information and has

Production capacity of production process, Production Capacity of Productio...

Production Capacity of Production process Here comes the most important of all questions what would be the production capacity of plant at the given process flow. Well there

Describe why listening is an important skill for managers, Question 1: ...

Question 1: a) Describe why listening is an important skill for managers. b) Illustrate how positive body language may persuade your interviewer that you are a suitable cand

What is meant by the term ''asset specificity'', Many organisations are mak...

Many organisations are making decisions to outsource some of their activities. However, when considering the option to outsource, organisations must consider the transaction costs

BUSINESS PLAN, what questions will you expect from investors and what are t...

what questions will you expect from investors and what are the possible answers?

Cost leader and differentiation strategy in business, Ernst & Young's Strat...

Ernst & Young's Strategy for Competitive Advantage As per today's globalized business scenario, Ernst & Young is using different innovative and attractive strategies in order

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd