Consider the following event: Owner made contribution to the firm.Which of the following combination of changes in the accountingequation describes the given event?a. Liabilities decrease; Owners' equity increaseb. Assets decrease; Liabilities decreasec. Assets decrease; Owners' equity decreased. Assets increase; Assets decreasee. Assets increase; Liabilities increasef. Assets increase; Owners' equity increase

When the owner contributes to the firm, the firm receives resources (e.g., cash, equipment, etc.),…

Answered: Consider the following event: Owner…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 11MC: All of the following increase owners equity except for which one? A. gains B. investments by owners...

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Similar questions

What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.
Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
Describe a business transaction that will do the following: a. Increase an asset and increase a liability b. Decrease an asset and decrease a liability c. Decrease an asset and increase an expense d. Increase an asset and increase owners equity e. Increase an asset and decrease an asset f. Increase an asset and increase revenue
Owner's equity can be increased through _____. a. withdrawals by the owner b. purchase of assets by cash c. investments by the owner d. expenses exceeding revenues
revenue may be defined as : a- increase in assets from all sources b- the amount of capital invested by the owners of a business c- the reduction of liabilities previously owned d- the increase in equity other than contributions from equity participants
The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equity
Financial Accounting ‏
increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those resulting to equity participants. Liabilities Equity Income O Assets
Which of the following best represents operating income? Seleccione una: a. Income after financing activities b. Earnings before interest and taxes c. Income from discontinued operations d. Income from capital gains
All of the following increase owner's equity except one? Gains investmnt by owners revenue acquisitions of assets by incurring liabilities
Gains are: Select one: a. Inflows from selling a product or service to a customer. b. Increases in equity resulting from transfers of assets to the company from owners. c. None of the above. d. Increases in equity from peripheral transactions of an entity.
The owners' claims to the assets of the business are called ________. A.equity B.expenses C.debt D.return on assets

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