Question
A transaction has been recorded in the T-accounts of Vernon Company as follows: Land 10,000 Cash 10,000 Land is debited 10,000, Cash it credited 10,000
A transaction has been recorded in the T-accounts of Vernon Company as follows:
| Land | |
| 10,000 | |
| Cash | |
| 10,000 | |
Land is debited 10,000, Cash it credited 10,000 Which of the following reflects how this event affects the company's financial statements?
| Asset | = | Liab. | + | Stk. Equity | Rev. | - | Exp. | = | Net Inc. | Stmt of Cash Flows | |
| A. | + | = | + | + | NA | NA | - | NA | = | NA | +FA |
| B. | + | = | NA | + | + | NA | - | NA | = | NA | -FA |
| C. | + | = | + | + | NA | NA | - | NA | = | NA | -IA |
| D. | NA | = | NA | + | NA | NA | - | NA | = | NA | -IA |
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Technical Guide On Internal Auditing Including Internal Audit Survey 2014
Authors: Taxmann
2015th Edition
9350716615, 978-9350716618
