in the accounting records? a. Equipment is purchased on account. b. An employee is terminated. c. A proposal to diversify investment in the business. d. The manager is hired for a salary of $ 3,000 per month
in the accounting records? a. Equipment is purchased on account. b. An employee is terminated. c. A proposal to diversify investment in the business. d. The manager is hired for a salary of $ 3,000 per month
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 12MCQ: Which of the following sentences regarding the statement of cash flows is false? The statement of...
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Question
Which of the following statements about users of accounting information is correct?
a. Management is an external user.
b. Taxing authorities are internal users.
c. Present creditors are external users.
d. Regulatory authorities are internal users.
2. Performing services for cash will have the following effects on the components of the basic accounting equation:
a. increase assets and decrease owner’s equity.
b. increase assets and increase owner’s equity.
c. increase assets and increase liabilities.
d. increase liabilities and increase owner’s equity.
3. Which of the following events is recorded in the accounting records?
a. Equipment is purchased on account.
b. An employee is terminated.
c. A proposal to diversify investment in the business.
d. The manager is hired for a salary of $ 3,000 per month.
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