If a transaction is properly analyzed and recorded,a. one account balance will increase and another will decrease.b. the total amount debited will equal the total amount credited.c. only two accounts will be used to record the transaction.d. one asset account will be debited and one liability account will be credited.

Option a: This option is incorrect because transaction being properly analyzed and recorded does not…

Answered: If a transaction is properly analyzed…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

See similar textbooks

Similar questions

The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
Which of the following is incorrect? Group of answer choices A. In a double-entry accounting system every transaction will affect at least two accounts. B. Across all accounts, the total amount of debits must always equal the total amount of credits. C. A debit can be recorded on either side of the t-account depending on the type of account. D. The difference between the total debit and credit amounts for an account is called the account balance.
The normal balance of an account is the side of the account (either the debit side or the credit side in the ledger) where we expect to find a positive dollar amount. The normal balance of an asset account is a _________________ balance. Group of answer choices break-even debit negative credit
Which of the following states that a transaction is not recorded in the books of accounts unless it is measurable in terms of money? a. Matching principle. b. Revenue recognition principle. c. Time period assumption. d. Monetary unit assumption.
Which of the following is true regarding normal balances of accounts? A. All accounts have a normal debit balance. B. Accounts that have a normal debit balance will only have debit entries, never credit entries. C. The normal balance is on the increase side of the account.
Which of the following is provided by a trial balance inwhich total debits equal total credits?a. Proof that no transaction was completely omitted fromthe ledger during the posting process.b. Proof that the correct debit or credit balance has beencomputed for each account.c. Proof that the ledger is in balance.d. Proof that transactions have been correctly analyzed andrecorded in the proper accounts.
A credit to fees earned account will increase the balance of the fees earned account? a.True b.False
Assuming the following account balances, what is the missing value?
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.
Which of the following is not a step in the process of measuring external transactions? a. Analyze the impact of the transaction on the accounting equation.b. Record the transaction using debits and credits.c. Post the transaction to the T-account in the general ledger.d. All of the above are steps in the measurement process of external transactions.
Quickbooks uses a system called double entry accounting. What does this mean? A. An income or Expense account needs to be part of each transaction. B. There are at least two accounts involved in each transaction to include at least one debit and one credit. C. Two different classifications of accounts are part of each entry, so you cannot have an entry going to two different asset accounts. D. The equity and asset accounts are involved in every transaction.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS