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Which transactions affect total value of liabilities of firm

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Reference no: EM132680940

Problem 1: A special journal contained columns for cash, purchase discounts, and accounts payable. This journal is

a. A cash disbursements journal

b. A cash receipts journal

c. A purchases journal

d. A sales journal

Problem 2: Which of the following transactions affects the total value of liabilities of a firm

a. Goods purchased from suppliers by cash

b. Interest received from bank

c. Office equipment bought on credit

d. Goods sold to customers on credit

A statement of financial position lists down

a. The types and amounts of the revenues and expenses of a business

b. Only the information about what happened to equity during a time period

c. The types and amounts of assets, liabilities, and equity of a business as of a specified date

d. The inflows and outflows of cash during the period.

e. The assets and liabilities of a firm but not the owner's equity because it is presented already in the statement of changes in equity

Reference no: EM132680940

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