Accounting system to classify business transactions, Business Management

Assignment Help:

Q. Accounting system to classify business transactions?

Question

Jerry accepts a formal, written promise from an employee of his hotel to pay a certain sum. The employee plans to repay the hotel within the current fiscal year, and states this intention in the note. Notes Receivable are classified as:

Answer

 

a.

owners' equity.

 

b.

liabilities.

 

c.

assets.

 

d.

expenses.

Question

The basic element used in an accounting system to classify and summarize business transactions is the:

Answer

 

a.

marketable security.

 

b.

T-account.

 

c.

account.

 

d.

Liability

Question 15

 

 

Sara totals the credits and debits for a certain account and finds that the account carries a debit balance. All of the following types of accounts typically carry a debit balance except:

Answer

 

a.

drawing accounts.

 

b.

expense accounts.

 

c.

asset accounts.

 

d.

liability accounts.

 

Question

Revenue from cash sales ultimately affects which two balance sheet accounts?

Answer

 

a.

assets and expenses

 

b.

assets and owner's equity

 

c.

assets and liabilities

 

d.

liabilities and owner's equity


Related Discussions:- Accounting system to classify business transactions

Discuss the exceptions to the law of demand, Question 1 Discuss the except...

Question 1 Discuss the exceptions to the law of demand Question 2 Explain Elasticity of Supply with the help of a diagram and factors affecting elasticity of supply

Define the value addition for an entrepreneur, Define the value addition fo...

Define the value addition for an entrepreneur. Value Addition: They do not obey the conventional rules of thumb. Entrepreneurs have a constant wish to introduce somethin

Opportunities and constraints of private welfare institution, Question 1: ...

Question 1: (a) Using relevant examples distinguish clearly between public and private welfare institutions stressing the basic difference in their overall administration.

Describe about total quality management, Q. Describe about Total Quality Ma...

Q. Describe about Total Quality Management? Total Quality Management is a wider Management approach than quality control. TQM many utilize a variety of tools and methods to see

Write short notes on partnering, Problem Write short notes on partnerin...

Problem Write short notes on partnering? a) Three broad categories of relationships(Adversarial, Barometric, Complementary) b) Goals of partnership(Reduction in waste , S

What are principal objectives of total quality management, What are the pri...

What are the principal objectives of Total Quality Management? The principal objectives of TQM are: a. Customer Focus as Customer Delight. b. Continuous enhancement as a

Pharmaceutical services industry, Paisano Pharmacies, a fictitious business...

Paisano Pharmacies, a fictitious business in the pharmaceutical services industry, is owned by VictorPaisano. Currently, Paisano has two pharmacieslocated in Killeen and Temple, Te

Explain the characteristics of a traditional society, Question 1 Explai...

Question 1 Explain the four assumptions made by modernization theory about the process of social change in the Third World. Give your own examples to explain your discussion.

Explain a maslows theory of motivation, "No organisation can succeed witho...

"No organisation can succeed without a certain level of commitment and effort from its members. For that reason .... cholars have always formed theories about Motivation." (a)

Identify the different levels of managers, QUESTION (i) Mintzberg ident...

QUESTION (i) Mintzberg identified ten roles (or behaviours) which managers perform at work; he found that these roles were highly interrelated. Using appropriate examples, brie

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd