Which is related to accepting deposits and lending money for business and personal needs to earn profit?O a. BankingO b. InvestmentC. Accountingd. Finance

Financial Accounting:- Financial accounting is considered as the process of recording, summarizing…

Answered: Which is related to accepting deposits…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7Q: What is the effect on the accounting equation when a business pays the balance due on accounts...

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Similar questions

Which of the following accounts would increase owners equity? a. Cash b. Accounts Payable c. Accounts Receivable d. Income from Tutoring
Name a source document that provides information about each of the following types of business transactions: a. Cash payment b. Cash receipt c. Sale of goods or services d. Purchase of goods or services
What is the effect on the fundamental accounting equation if supplies are purchased on account? How will the fundamental accounting equation change if supplies are purchased with cash? Explain how this purchase will or will not change the owners equity.
To purchase an asset such as office equipment on account, you would credit which account? (a) Cash (c) Accounts Payable (b) Accounts Receivable (d) Capital
Which financial statement shows the financial performance of the company on a cash basis? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
External users of financial accounting information include all of the following except ________. A. lenders such as bankers B. governmental agencies such as the IRS C. employees of a business D. potential investors
Which of these transactions would be part of the financing section? A. inventory purchased for cash B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash
Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
Which of the following pairs of accounts are impacted the same with debits and credits? A. Cash and Unearned Service Revenue B. Electricity Expense and Office Supplies C. Accounts Receivable and Accounts Payable D. Buildings and Common Stock
What is the effect on the accounting equation when a business pays the balance due on accounts payable?

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Which is related to accepting deposits and lending money for business and personal needs to earn profit? O a. Banking O b. Investment C. Accounting d. Finance