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

Define the term quality, Quality Management Principle 1. Define the ter...

Quality Management Principle 1. Define the term Quality. 2. What is the objective of Reliability? Discuss various issues involved in ensuring Reliability. 3. What are the

Differentiate between gross settlement and netting, QUESTION a) (i) Out...

QUESTION a) (i) Outline the concept of the Real Time Gross Settlement (RTGS) system in Mauritius and name the THREE main system components of the MACSS. (ii) Differentiate b

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.”

Organisation, enumerate on the princeples of organisation

enumerate on the princeples of organisation

Explain the major aspects of the hawthorne experiment, Question 1: ‘Man...

Question 1: ‘Management by Objectives (MBO) can be used by managers to plan, control, coordinate as well as motivate'. a. Show the main characteristics of an MBO programme.

Free-market quantity of public goods, We said in class that public goods in...

We said in class that public goods involve externalities. Are the externalities associated with public goods generally positive or negative? Use an example in your answer. Is th

Development of an environmental management system, Question: (a) Brief...

Question: (a) Briefly describe the five steps in the development of an environmental management system. (b) The environmental policy instruments have so far focused on t

Efficient communication-ocr’s examination blunders, efficient communication...

efficient communication (unlike the OCR's examination blunders) is fundamental to an organisation such as the OCR exam board because it helps to: Keeps schools (the custome

How is the communication affected in the organisation, How is the communica...

How is the communication affected in the organisation? Communication: Communication serves like a linking process by through parts of an organization are tied together. G

Culture - organizational culture, Culture - Organizational Culture Som...

Culture - Organizational Culture Some people think of culture as the character or personality of an organization. How an organization looks and "feels" when you enter it is a

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