A withdrawal of cash by the owner may be considered. sub is account. A withdrawal of cash by the owner may be consideredA) an increase in liability and a decrease in CashB) an increase in an expense and a decrease in CashC) a decrease in owner's equity and a decrease in CashD) a decrease in liability and a decrease in CashE) None of the above

What Happens During a Withdrawal of Cash by the Owner?Definition of Owner's Withdrawal (Drawing):A…

Answered: A withdrawal of cash by the owner may…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 13MC: Which of the following would be included in the financing section? A. loss on sale of investments B....

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An increase in Accrued Liability is ___________. options: A decrease in PP&E. A use of cash. A source of cash. No change in cash.
Which of the following statements is false? Group of answer choices A)The journal entry to record bad debt expense decreases current assets. b)The journal entry to record bad debt expense decreases retained earnings. C)The journal entry to write-off an uncollectible account receivable decreases operating income. D)The journal entry to write-off an uncollectible account receivable does not affect current assets. e)All the above statements are correct.
Which of the following would not overstate current-period net income?a. Capitalizing an expenditure that should be expensed.b. Failing to record a liability as an expense.c. Failing to record a check paying an item in Vouchers Payable.d. All of the above would overstate net income.
Which of the following is a characteristic of a current liability? A. It is an avoidable obligation. B. It occurs because of a future transaction or event. C. It cannot be settled with services. D. It creates a present obligation for future payment of cash or services.
Which if the following is not an inclusion in gross income? a. Payment for lost salaries b. Payment for loss of earning capacity c. Recovery of bad debts previously written off d. Moral damages
Failure to accrue interest expense results ina. an overstatement of net income and an understatement of liabilities.b. an understatement of net income and an overstatement of liabilities.c. an understatement of net income and an understatement of liabilities.d. an overstatement of net income and an overstatement of liabilities.
16. What do you call for the likelihood of loss due to customers are not paying their amounts owing? a. Discount risk b. Credit risk c. Payment risk d. Loss risk
Which of the following is usually not an accrued liability? Select one: a. Notes payable b. Taxes payable C. The answer does not exist d. Wages payable e. Interest payable Jump to...
Which of the following is false? A. A liability is created when cash is received prior to delivery of the goods or services. 20. B. Revenue is recognized at the time of delivery of the goods or services if cash is received. C. Revenue is not recognized at the time of delivery of goods and services if cash is received after delivery of the goods and services. D. Collecting cash after delivery of a good or service does not create revenue on the income statement at the date of collection.
If there is evidence that an impairment loss on loans and receivables has been incurred, the amount of the loss is equal to a.Excess of the principal amount of the loan over its carrying amount. B. Excess of the carrying amount of the loan over the principal amount of the loan. C. Excess of the carrying amount of the loan receivable over the present value of the cash flows related to the loan. D. Excess of the present value of cash flows related to the loan over the carrying amount of the loan receivable.
Which of the following returns is consistent with contractual cash flows that are solely payments of principal and interest or SPPI? I. Return of passage of time II. Return for the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation III. Return for the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset IV. Return for amounts to cover expenses and a profit margin a. I, II, III, and IV b. I, II, and III c. I and IV only d. II and III only
Which of the following items is not being considered in the computation of recovery percentage of unsecured creditors without priority? a. Assets reserved for fully secured credits b. Assets reserved for partially secured credits c. Unsecured portion of partially secured liabilities d. Assets not used as collateral for any liability

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A withdrawal of cash by the owner may be considered A) an increase in liability and a decrease in Cash B) an increase in an expense and a decrease in Cash C) a decrease in owner's equity and a decrease in Cash D) a decrease in liability and a decrease in Cash E) None of the above