Correct Answer A transaction recording income earned:A. leaves total assets unchangedB. increases assets and decreases equityC. increases assets and equityD. increase assets and liabilities

In accounting, every transaction has an impact on at least two accounts due to the double-entry…

Answered: A transaction recording income earned:…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20MC: Which of the following is a measurement of earnings that represents the profit before interest,...

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Similar questions

The rate of return on assets (ROA) is calculated by dividing Select one: a. average total assets by net income. b. net income by average total assets. c. net income by net revenue. d. net revenue by average total assets.
Financial Accounting ‏
Accrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D. prepaid expensses
Which of the following is the correct formula for calculating rate of return on total assets? A. (Net income minus− Interest expense) / Average total asset B. Total equity / Total assets C. (Net income + Interest expense) / Average total assets D. (Net income minus− Interest expense) / Total assets
B4.
provide solution. in this questions.
Capitalizing a cost involves increasing what type of account?a. Liabilityb. Expensec. Stockholders’ equityd. Asset
How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at all
financial account
The monetary value of the net assets is reported at its historical cost on the balance sheet? a. physical capital b. excess capital c. net capital d. financial capital
multiple choice question a.The balance in the profit and loss account is transferred to the: profit and loss account. capital account. bank account. drawings account.
Analyze the following transactions and identify its effects on assets, liabilities, and capital. Write ? for increase, ? for decrease, NE for No effect and I/D if the effect is only in one major accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

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A transaction recording income earned: A. leaves total assets unchanged B. increases assets and decreases equity C. increases assets and equity D. increase assets and liabilities