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

International Business, Based on the article Nearshoring in Latin America,...

Based on the article Nearshoring in Latin America, what are the short- and long-term implications of nearshoring given the current economic conditions?

Change focus on which subsystems in an organization, QUESTION 1 As indi...

QUESTION 1 As individuals, people possess different characteristics that either positively or negatively affect their attitude and behaviour. Identify and describe carefully in

Elaborate on the recent developments in communication theory, QUESTION 1 ...

QUESTION 1 (a) Elaborate on the recent developments in communication theory as a field of research and study. (b) Elaborate on three main communication theories that mark th

Total productive maintenance, Total Production Maintenance is to achieve...

Total Production Maintenance is to achieve maximum profit all employee to minimize maintenance costs. a facility can be kept in good condition only by autonomous action and th

Effective recommendation letter, QUESTION a) After five years of work i...

QUESTION a) After five years of work in the human resources department at XYZ Co Ltd, you were laid off in a round of cost cutting moves that broke through the financial indust

The four seasons corporation, what market segment will the company be targe...

what market segment will the company be targeting?why?

Sale management, state the reasons why you choose marketing as a profession...

state the reasons why you choose marketing as a profession

Modes of Entry and Internalisation, ‘Although the elegance and comprehensiv...

‘Although the elegance and comprehensiveness of transactions costs reasoning has provided the internalisation approach with a powerful logic (Rugman, 1981, 1985), it is still defic

What are the characteristics of an effective team, QUESTION (a) In to...

QUESTION (a) In today's economic climate, the dominant concerns of most businesses focus on efficiency, quality and profitability and the quest to find a way to narrow these

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