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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A transaction recording income earned:
Accurate Explanation
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 ‏
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
Debit: decrease both assets and liabilities. a. increase assets and decrease b. liabilities. decrease assets and increase Oc. liabilities. С. increase both assets and liabilities. Od.
B4.
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
Accounting type Question: The basis of income Measurement is A. Matching concept B. Accounting Period concept C. Money Measurement concept D. Cost concept
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.
According to the acquired assets should be recorded at the amount actually paid rather than at the estimated market value. O A. monetary unit assumption O B. going concern assumption O C. cost principle D. economic entity concept

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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