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

Departments of e-care consultant medical centre, table show the different d...

table show the different departments within the Medical Centre, although duties within this department are not static to one department (Dept.), as doctors and other professionals

Inuiln clearance, In the  figure  above the vertical deviations of the indi...

In the  figure  above the vertical deviations of the individual points  from the  line are shown  as the short vertical lines joining  the points  to the least  squares line. These

HRM, Ways to measure the success of a selection

Ways to measure the success of a selection

Describe each of the steps in the decision making process, QUESTION 1 M...

QUESTION 1 Motivating employees is a very important aspect of the manager's job. In this context, discuss the relevance of the Maslow's hierarchy of needs in motivating employe

Business law today, Might any privacy issues arise as an online company cre...

Might any privacy issues arise as an online company creates a database for generalized marketing campaigns? Explain your answer.”

DIESEAL, critically analyse diesel''''s marketing mix strategies

critically analyse diesel''''s marketing mix strategies

Push factors in diversity, The 1990s saw the development of a new trend in ...

The 1990s saw the development of a new trend in the form of workforce diversity mainly because of the liberalisation and globalisation of markets (Henry and Evans, 2007). As the bu

What are the control charts in management, What are the control charts in m...

What are the control charts in management? Control Charts: These charts are based upon statistical sampling theory, as per that an enough sized sample drawn, at various f

Marketing distribution, what is placing decision in distribution of market...

what is placing decision in distribution of marketing

Evaluate three business strategies of contradiction, Ian Davis took over th...

Ian Davis took over the position of MD at McKinsey & Company in 2003. He has numerous opinions from in-house colleagues about future directions of the firm. But as the textbook (Tr

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