Question
Bill Company experienced an event that affected its financial statements as indicated below: Assets = Liabilities + Equity Revenue - Expense = Net income 4,000
Bill Company experienced an event that affected its financial statements as indicated below:
| Assets | = | Liabilities | + | Equity | Revenue | - | Expense | = | Net income |
| 4,000 | = | n/a | + | 4,000 | 4,000 | - | n/a | = | 4,000 |
Which of the following transactions caused the indicated effects?
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a. Completed units were sold.
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b. Units were completed and moved to finished goods.
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c. The cost of units sold was recorded.
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d. None of these answers are correct.
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Auditing A Practical Approach with Data Analytics
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
1st edition
1119401747, 978-1119401742
