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

Firms decision making process, Question 1: (a) Why is it often difficu...

Question 1: (a) Why is it often difficult to implement change within organisations? (b) What actions might management take to reduce such difficulties? Question 2:

Research Project, Undertake the proposed research investigation in accordan...

Undertake the proposed research investigation in accordance with the agreed specification and procedures

Two bin techniques, Two Bin Techniques : One of the oldest systems of i...

Two Bin Techniques : One of the oldest systems of inventory control is the two bin system, which is mainly adopted to control C group inventories. In the two bin system

Explain about bpel orchestration and choreography?, Orchestration: The c...

Orchestration: The control over the web services that are involved and coordinating the implementation of different operations on the web services involved in the operation is t

Hire Purchase, AskLet us first see and understand those amendments. The fol...

AskLet us first see and understand those amendments. The followings are excerpts and extractions from the bill tabled in Parliament. Clause 7 of the Bill seeks to amend Section 16

#title.measuring job satisfacatiion., doing a management project in mla fom...

doing a management project in mla fomat about measuring job satisfaction

What are the levels of management, What are the levels of management? ...

What are the levels of management? Levels of Management: Industrial management has obtained the given activity levels as follows: • Top Management • Upper middle ma

E-bussness, Assuming that you are running the e-business department of an o...

Assuming that you are running the e-business department of an organization, reference to the elements of the Micro and Macro environments of e-business, how are you going to deal w

Both opportunities and threats for each demographic, There should be consid...

There should be consideration of both opportunities and threats for maximum marks in each case. Award up to 3 marks for each demographic consideration. Examples of possible issues

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