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

Different types of business letters, What are the different types of busine...

What are the different types of business letters? Explain with example

What is always better control analysis of inventory control, What is the Al...

What is the Always Better Control Analysis of Inventory Control? ABC Analysis of Inventory Control: Always Better Control Analysis of Inventory Control analysis is the ex

What do you understand by the term kinesics, QUESTION 1 (a) Examine cri...

QUESTION 1 (a) Examine critically the three major barriers to inter-cultural communication. (b) Explain how these barriers could be eliminated due to a better understanding

E-marketing, Electronic marketing (E-marketing) can be viewed as a new mode...

Electronic marketing (E-marketing) can be viewed as a new modern business practice associated with buying and selling goods, services, information and ideas via the Internet and ot

Project, critical evaluation of CSR activities of Oracle?

critical evaluation of CSR activities of Oracle?

Implement a business process re-engineering strategy, Consider you are a co...

Consider you are a consultant from the company Engineering Experts. One of your clients has contacted you to re-engineer the core process of his company. Explain how you will imple

International Business, What measures can be utilized to control subsidiari...

What measures can be utilized to control subsidiaries that are less than 100 percent owned by the firm or joint venture partners in which the firm has no ownership?

The two-tier and three-tier web client-server architectures, QUESTION (...

QUESTION (a) Compare the two- and three-tier Web client-server architectures, and indicate the role of each tier in each architecture. Which architecture is the most likely can

External and internal business environments, Research the external and inte...

Research the external and internal business environments for the business you have chosen.  You should use your text book or another reputable Management text book to identify the

Explain the various types of negotiation, Problem 1: Explain the variou...

Problem 1: Explain the various elements of BATNAs. Problem 2: Discuss any four cross-cultural issues involved in negotiation. Problem 3: Discuss how communicati

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