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

New product development process, "It's a cross functional business process ...

"It's a cross functional business process designed to optimize development activities and customizes to fit business needs. It captures and shares what has worked well in the past

Illustration based on production sectors, Production Sectors a) A = In...

Production Sectors a) A = Indonesia B = Belgium C = Czech Republic b) Indonesia Belgium Czech Republic Agricultu

Business conflicts, what are the duties and rights or obligations of the le...

what are the duties and rights or obligations of the leaser and lessee and cases studies to conflicts on either of the two and how they have been resolved?

Toyota, What changes in the organizing facet of the P-O-L-C framework might...

What changes in the organizing facet of the P-O-L-C framework might you make at Toyota to prevent future mishaps like the massive recalls related to brake and accelerator failures?

Dimensions of leadership role in change management, Question 1: Accordi...

Question 1: According to Henry Fayol, "Leading is one of the main functions of any manager". In this context, explain the importance of leadership for the successful managemen

Advantages and disadvantange of the line organisation, advantages and disad...

advantages and disadvantange of the line organisation

Business objectives, OUR AIM IS TO BRING INNOVATION BY ADOPTING FOLLOWING S...

OUR AIM IS TO BRING INNOVATION BY ADOPTING FOLLOWING STRATEGIES. - Competitive strategy: want to adopt competitive business strategy; we will attempt a sustainable competitive

Use of private networks in companies, Q. Use of Private networks in compani...

Q. Use of Private networks in companies? Several companies are building private networks to link their customers, employees and suppliers together. These networks within the In

Production of management, why an organization should respond to emerging is...

why an organization should respond to emerging issues in order to remain competitive

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