Because of some careless book keeping, energy corporation had some errors in their accounting. Which direct effects on the accounting equation isn't possible as a result of a single business transaction which impact only 2 accounts? A. Increase in liability and increase in asset. B. Increase in asset and decrease in another asset. C. A decrease in stocholders' equity and increase in an asset. D. Increase in asset and increase in stockholders' equity

Because of some careless book keeping, energy corporation had some errors in their accounting. Which direct effects on the accounting equation isn't possible as a result of a single business transaction which impact only 2 accounts? A. Increase in liability and increase in asset. B. Increase in asset and decrease in another asset. C. A decrease in stocholders' equity and increase in an asset. D. Increase in asset and increase in stockholders' equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In the Excel, or spreadsheet, approach to recording financial transactions, which of the following is true? 1. Cash paid to creditors is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column. II. Expired insurance coverage on factory equipment is recorded as a decrease in the Prepaid Insurance column and as a decrease in the Retained Earnings column. III. An advertising expense paid in cash is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column. Multiple Choice Only statement I is true. Only statement is true. Only statement is true. None of the statements are true.
What are Outstanding Expenses? A. Expenses which are not paid off in the current balance sheet. B. The necessary purchases that keep a business going from day-to-day. C. Type of expense that is due but has not been paid. D. None of the above.
Which of the following is FALSE regarding the financial statements?
What are Outstanding Expenses? A. Expenses which are not paid off in the current balance sheet. B . The necessary purchases that keep a business going from day-to-day. C. Type of expense that is due but has not been paid. D. None of the above.
Both are decreases explain it and give answer fast
A Moving to the next question prevents changes to this answer. Question 2 Which of the following is not a purpose of the income statement? used to evaluate management's performance O predicts the company's füture assets and liabilities used to compare performance against other companies assesses the company's risk A Moving to the next question prevents changes to this answer. EN SRSCO PREMIUM SOUND esc EGO www %24 %23
A1) For a given financial institution, its Income Gap and its Duration Gap always have the opposite sign. True or False A2) Duration Gap helps find the change in a______, whereas Income Gap analysis finds the change in b______. a. expense on liability, b. income from asset b. net worth, b. asset value c. net worth, b. income from assets d. asset value, b. liability value A3) In an interest rate swap, a RSA- financial institution such as the Friendly Finance Company would swap away _a___ in favour of _b___ in a contract. (RSA:r ate sensitive assets, FRA: fixed rate assets) A . RSA, b. FRA B . FRA, b. FRA C . RSA, b. RSA D . FRA. b. RSA A4)An interest rate swap designed to reduce the level of bank interest rate risks also guarantees profits at the same time. True or False A5)An interest rate swap designed to reduce the level of bank interest rate risks involves swapping A)only the underlying principal B)both the income flow and the principal C)none D)only the flow of income on an…