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 problem in this case study, QUESTION Instruction: Read the ...

QUESTION Instruction: Read the following case study and answer the questions below Jane, a new woman manager has joined XYZ company. Jill, an employee was only working fo

Knowledge and independence worked for entrepreneur, How are knowledge and i...

How are knowledge and independence worked for an entrepreneur? Knowledge: An entrepreneur has complete knowledge regarding all the technicalities of his business, this is tec

How are internet technologies affecting the organizations, How are Internet...

How are Internet technologies affecting the structure and work roles of modern organizations? For example, will middle management wither away? Will companies consist primarily of s

BSBADM405 Organise Meetings, Set up a WHS Consultative Committee and Conduc...

Set up a WHS Consultative Committee and Conduct Meetings

Management skills, Management skills: Q. A few organizations have rece...

Management skills: Q. A few organizations have recently tried to minimize employee use of email when communicating with colleagues. Specifically, these companies have banned t

Systems orientation, PM alone cannot eliminate or drastically reduce break...

PM alone cannot eliminate or drastically reduce breakdowns. Supporting it there should be various steps taken in design development and engineering such that maintenance itself

Written messages must be as readable as possible, Question 1 Communication...

Question 1 Communication skills are of utmost importance in managing information and technology in any organization. List the characteristics of communication and discuss the seve

Illustrate societies gender-specific modes of communication, QUESTION 1 ...

QUESTION 1 (a) Explain what do you understand by non- verbal communication and how it carries different meanings in different cultures? (b) Discuss what is the role of comm

Ahsford university, Knowing your Learning Patterns is important primarily b...

Knowing your Learning Patterns is important primarily because (Points : 1)

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