Multiple Choice (please explain thanks)<\/p>
<\/p>
A. assets<\/p>
<\/p>
B. liabilities<\/p>
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C. expenses<\/p>
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D. revenue<\/p>
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2.) Who among those listed below that have no particular interest in the financial aspects of the business organization<\/p>
<\/p>
A. creditors<\/p>
<\/p>
B. owners<\/p>
<\/p>
C. government<\/p>
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D. not given<\/p>
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3.) Statement 1 - Liabilities are claims against assets; Statement 2 - Expenses will not decrease the assets.<\/p>
<\/p>
A. Statement 1 is true; Statement 2 is true<\/p>
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B. Statement 1 is true; Statement 2 is false<\/p>
<\/p>
C. Statement 1 is false; Statement 2 is true<\/p>
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D. Statement 1 is false; Statement 2 is false<\/p>
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4.) Which of the following is not true?<\/p>
<\/p>
A. Debit is the value received in a business transaction<\/p>
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B. Credit is always equal to debit in an accounting equation<\/p>
<\/p>
C. The debit is always on the left side of the accounting equation<\/p>
<\/p>
D. Assets are normally on the credit side of the accounting equation<\/p>
<\/p>
5.) Statement 1 - Loss from operations will have no effect on owners' equity; Statement 2 - In a business transaction, it is always an increase and a corresponding decrease in on the accounting equation.*<\/p>
<\/p>
A. Statement 1 is true; Statement 2 is true<\/p>
<\/p>
B. Statement 1 is true; Statement 2 is false<\/p>
<\/p>
C. Statement 1 is false; Statement 2 is true<\/p>
<\/p>
D. Statement 1 is false; Statement 2 is false<\/p>
<\/p>
6.) Which of the following financial statements does not report the events and transactions that occurred during a certain length of time?<\/p>
<\/p>
A. Balance sheet<\/p>
<\/p>
B. Income statement<\/p>
<\/p>
C. Statement of changes in equity<\/p>
<\/p>
D. Statement of cash flows<\/p>
<\/p>
7.) The value received is P5,000 cash and the credit is to notes payable. This transaction could be best described as:<\/p>
<\/p>
A. Payment of the P5,000 notes payable outstanding.<\/p>
<\/p>
B. Issuance of a P5,000 promissory note for equal amount of cash received.<\/p>
<\/p>
C. Acceptance of P5,000 credit to note from supplier.<\/p>
<\/p>
D. Acceptance of P5,000 debit to note from supplier.<\/p>
<\/p>
8.) The business rendered services to its customer, collectible next month. Which of the following could best describe the effect of the transaction?<\/p>
<\/p>
A. Increase in asset and increase in revenue.<\/p>
<\/p>
B. Increase in revenue and increase in liability.<\/p>
<\/p>
C. Increase in revenue and decrease in liability.<\/p>
<\/p>
D. Decrease in asset and increase in revenue.<\/p>
<\/p>
9.) The business deposited to the bank its cash collection from outstanding accounts receivable from customer. Which of the following could best describe the effect of the transaction?<\/p>
<\/p>
A. Increase in asset, decrease in payable.<\/p>
<\/p>
B. Increase in asset, increase in liabilities.<\/p>
<\/p>
C. Increase in asset, decrease in liabilities.<\/p>
<\/p>
D. Increase in asset, decrease in other asset.<\/p>
<\/p>
10.) The business consumed P1,000 of its supplies stored in the storeroom. Which of the following could best describe the effect of the transaction?*<\/p>
<\/p>
A. Debit asset, credit expense.<\/p>
<\/p>
B. Debit expense, credit asset.<\/p>
<\/p>
C. Debit asset, credit asset.<\/p>
<\/p>
D. Debit expense, debit asset, and credit another asset.<\/p>
<\/p>
11.) The business acquired equipment, issued a promissory note for the value. Which of the following could best describe the effect of the transaction?<\/p>
<\/p>
A. Debit asset, credit liabilities.<\/p>
<\/p>
B. Debit asset, credit another asset.<\/p>
<\/p>
C. Debit expense, credit liabilities.<\/p>
<\/p>
D. Debit expense, credit asset.<\/p>", "transcribed_text": "", "related_book": { "title": "Entrepreneurial Finance", "isbn": "1305968352, 978-1337635653, 978-1305968356", "edition": "6th edition", "authors": "J. Chris Leach, Ronald W. Melicher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1482.jpg", "uri": "\/textbooks\/entrepreneurial-finance-6th-edition-1482", "see_more_uri": "" }, "free_related_book": { "isbn": "B08HTF1NZ2", "uri": "\/textbooks\/finding-your-fit-a-guide-to-living-your-best-life-1st-edition-979-8685651303-270366", "name": "Finding Your Fit A Guide To Living Your Best Life", "edition": "1st Edition" }, "question_posted": "2024-06-28 05:37:28", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/identify-some-of-the-advantages-and-disadvantages-of-purchasing-a", "description": "Identify some of the advantages and disadvantages of purchasing a database package instead of taking the DaaS approach.", "stars": 3 }, { "url": "\/study-help\/biostatistics\/what-are-the-degrees-of-freedom-associated-with-e-1981296", "description": "What are the degrees of freedom associated with ????e.", "stars": 3 }, { "url": "\/lucy-loiselle-and-abby-ready-formed-a-partnership-on-march", "description": "Lucy Loiselle and Abby Ready formed a partnership on March 15. The partners agreed to invest equal amounts of capital. Loiselle invests her proprietorships assets and liabilities (credit balances in...", "stars": 3 }, { "url": "\/study-help\/questions\/seitstudy-problem-47-janet-randolf-lives-in-a-duplex-that-9854178", "description": "Seit-Study Problem 4.7 Janet Randolf lives in a duplex that she owns at 14 Lancaster Drive, Salem, OR 97305. Janet rents one-half of her duplex and lives in the other half. Her rental income for the...", "stars": 3 }, { "url": "\/study-help\/questions\/find-the-volume-of-the-torus-generated-by-revolving-the-3143208", "description": "Find the volume of the torus generated by revolving the circle (x - 3)* + y =1 about the y-axis. O A. 312 O B. 612 O C. 912 OD. 12x2", "stars": 3 }, { "url": "\/study-help\/questions\/examine-managing-a-firearms-business-from-a-potentially-challenging-scenario-4142025", "description": "Examine managing a firearms business from a potentially challenging scenario: Managing a firearms business during a national tragedy, more specifically, during a national tragedy involving a mass...", "stars": 3 }, { "url": "\/study-help\/questions\/imagine-you-want-to-air-an-advertisement-on-tv-1002611", "description": "Imagine you want to air an advertisement on TV . The options are morning or afternoon. The media agency claims that the advertisement will have same effectiveness regardless of the time. The...", "stars": 3 }, { "url": "\/study-help\/questions\/what-is-the-relationship-among-cohesiveness-conformity-and-groupthink-how-507886", "description": "An existing office in Kariakoo currently sells goods for Tshs 100 per unit. The variable cost is Tshs 40 per unit, and 20,000units are sold annually and a profit of Tshs 300,000 is available...", "stars": 3 }, { "url": "\/study-help\/questions\/1-in-ms-sql-we-can-calculate-the-email-address-999626", "description": "1 In MS SQL we can calculate the email address for our vendor contacts IF the vendor has their email domain value provided in the VendorUpdates_20230107 table (not all of them do!). Email addresses...", "stars": 3 }, { "url": "\/study-help\/questions\/which-brand-if-any-emerged-as-the-favorite-how-did-1000064", "description": "Which brand, if any, emerged as the favorite? How did you determine this? 2 . Is the favorite generally a popular brand, or were you surprised by the winner? 3 . If a consumer had a favorite before...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/4ee-attachment-4-part20f2-5-points-ebook-print-references-i-4246752", "next": "\/study-help\/questions\/im-confused-someone-please-help-im-not-sure-how-to-4246754" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Multiple Choice (please explain thanks) These are economic resources a business owes", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/multiple-choice-please-explain-thanks-these-are-economic-resources-a-4246753" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }" } }