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

Email etiquette is vital in any business communication, QUESTION 1 Desc...

QUESTION 1 Describe how cultural diversity affects business communication, giving three advantages and three challenges of a diverse workforce. QUESTION 2 A team is a u

How will an investor earn risk less arbitrage, Question: 1. What factor...

Question: 1. What factors might an individual investor take into account in determining her or his investment policy? 2. Distinguish between fundamental and technical securi

What is manufacturing process in 1948s factories act, What is manufacturing...

What is manufacturing process in 1948s factories act? Manufacturing Process: A process for • Making, altering, finishing, repairing, packing, cleaning, washing or else treat

.transaction cost analysis (TCA)., transaction cost analysis (TCA). What ro...

transaction cost analysis (TCA). What role does TCA play in the decision to use a company sales force rather than independent manufacturers'' agents?

Advantage of north west corner method, Advantage of North West Corner Metho...

Advantage of North West Corner Method: a. This methods is very effective as it provide step by step solution. b. It is very simple to obtain optimum solution through this

Define scope and functions of public relations, Define Scope and Functions ...

Define Scope and Functions of Public Relations? Scope a)    Receive information from public b)    Advise management of attitudes and response c)    Set policies and

Benefits of e-business to organisations, QUESTION (a) With the help of ...

QUESTION (a) With the help of appropriate examples, describe Porter's five forces model for e-Business companies. (b) Explain briefly two measures organisations may adopt to

The importance of body language, The importance of body language Any t...

The importance of body language Any two reasons described. For example: Good communication skills are important to improve the level of customer services (thereby helpi

Safety and environmental issues, You must present a complete HAZOP for one ...

You must present a complete HAZOP for one part of the process. The HAZOP should be accompanied by a commentary explaining what decisions were made? Why? What changes are required?

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