Which of the following is not an event that concerns the accounting of the company? A) Paying wages to employees B) One of the cars buys a vehicle C) Purchasing commercial goods D) Selling goods and services to customers E) Withdrawing cash loans from the bank
Q: What elements of the accounting equation is/are affected by the following transactions? Fill in the…
A:
Q: Required: Show all computations for each of the missing item. 1. identify which of the following…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: What account will not be found in the trial balance of a company using cash basis of accounting? *…
A: As per the cash basis of accounting the transaction is recorded at the time of inflows or outflows…
Q: 1- The company paid with a check the value of purchased goods. 2- The company delivered sold…
A: Real accounts: A real account is an account related to assets and liabilities. Example: Cash, fixed…
Q: Match each transaction a through e to one of the following activities of an organization: financing…
A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…
Q: 1.Equipment Capital 1. The owner invests equipment in the business. 2. The company receives cash…
A: Journal entry has two impact, one on debit side and other on credit side. Expense and asset account…
Q: Which of the following is not a business transaction? Sell…
A: Business transactions are measured in money and are recorded in the accounting books.
Q: 1. What are some examples of transactions that would need to be recorded or journalized? Can you…
A: Hello, since the student has posted multiple requirements, only the first one is answerable. Thank…
Q: Identify which of the following transactions fall under operating, investing and financing…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: A) The computer is the only tool needed in monitoring a business's financial condition. True or…
A: Financial Statements are prepared by the management for reporting purposes. These are the essential…
Q: Are the following events recorded in the accounting records? Explain your answer in each case. (a) A…
A: Events which are financial in nature and involve inflow and outflow of funds at any point of time…
Q: Which of the following does not describe accounting? Language of business Useful for decision…
A: As posted multiple independent questions we are answering only first three questions kindly repost…
Q: The business paid cash for the goods which was purchased on credit last month. Which of the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: identify which of the following transactions fall under operating,investing, and financing…
A: Cash flows statement is one of the financial statement which shows all cash inflows and cash…
Q: Which of the following is true about financial accounting? It provides information to investors and…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: For each transaction, tell whether the assets, liabilities and equity will increase (I), decrease…
A: Each financial transaction in a business will affect at least two accounts and each debit entry will…
Q: A company receives cash from a customer. The company does not perform the services the customer has…
A: 6) Correct option is 'Liability' Reason :- Journal entry would be :- Cash (Dr)…
Q: The business purchased Supplies on account. Which of the following Journal entry is Correct ? a.…
A: Supplies (asset) is increased. Accounts payable (liability) is increased.
Q: Identify if it will Increase, Decrease or No effect. 1.What happens to the owner’s assets when the…
A: As posted multiple sub parts questions we are answering only first three sub parts kindly repost the…
Q: A. Effect of Transactions on Accounting Elements Show the effects on the accounting equation of the…
A: Accounting Equation :— It is the relationship between assets, liabilities and capital. According to…
Q: For each transaction a through f, identify its impact on the accounting equation (select from 1…
A: For each transaction, we have to identify its effect
Q: Which of the following is true about financial accounting? It provides information to investors and…
A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Whi of the following transaction in hot of financial character? 1.Strike by employees. 2.Purchase…
A: The financial transactions are the transactions which can be recorded in money form into the…
Q: 1. Are the following events recorded in the accounting records? Do they have an affect on the basic…
A: Monetary unit assumption: It is the concept of accounting that assumes that the events which have a…
Q: An accounting trasaction simultaneously decreases assets and equity.This transaction is explained by…
A: Lets understand the basics. All the accounting transaction are having dual impact. In other words…
Q: II. Identify which of the following transactions fall under operating, investing and financing…
A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular…
Q: The Income Statement will O indicate how much money the owner invested into their business. indicate…
A: Income statement means the statement which show the cost of goods sold and selling price and give…
Q: All of the following about expense recognition principle are false, except: O a. Business requests a…
A: As per the accrual basis of accounting, we need to record the transaction when it occurred,…
Q: Question To avoid duplication of account names and the use of improper account names, the company…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: The concept of materiality is one of the most basic principles underlying financial accounting.a.…
A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…
Q: account that would be decreased when a business makes sale of a Car for cash C
A: By sale of car for cash, car account and cash account will be affected. Car account is credited by…
Q: Concept check. Use the following question set for prectice. For each transaction, tell whether the…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 3. What accounting principle is being violated in the following: a. The owner mixed up his personal…
A: a.) Economic or business entity concept is violated - as per business entity concept the transaction…
Q: Use the Following signs for each transaction under the relevant item 1. + The item is increased due…
A: All the transactions of the company that are happened during the year will be recorded first in the…
Q: Which of the following is true about financial accounting? It provides information to investors and…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: If a business owner invests $5,000 in cash into the business, which side of the T for the cash…
A: If business owner invests $ 5000 in cash into business then the following journal entry shall be…
Q: All of the following about expense recognition principle are false, except: O a. Business buys a…
A: from the given following options O a. Business buys a building.O b. Business requests a loan from a…
Q: Which of the following best describes an application of the entity concept?
A: The business entity concept states that the transactions associated with a business must be…
Q: Transaction Example : Start a business with cash in hand a) The owner brought in his furniture for…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: For each of the following transactions, indicate whether operating (O), investing (I), or…
A: Cash flows statement shows cash inflows and outflows during the year from operating, financing and…
Q: Transaction Assets Liabilities Capital a) The owner brought in his furniture for business…
A: A per the accounting rules: Assets = Capital + Liability Assets will always be equal to Capital and…
16 - Which of the following is not an event that concerns the accounting of the company?
A) Paying wages to employees
B) One of the cars buys a vehicle
C) Purchasing commercial goods
D) Selling goods and services to customers
E) Withdrawing cash loans from the bank
Step by step
Solved in 2 steps
- 1. Are the following events recorded in the accounting records? Do they have an affect on the basic accounting question? a. The owner of the company dies. b. Supplies are purchased on account c. An employee is fired. d. The owner of the business withdraws cash from the businesses for personal use. 2. Indicate how the following business transactions affect the basic accounting equation (what account increase and decrease) a. Paid cash janitorial services b. Purchased equipment for cash c. Invested cash in the business d. Paid accounts payable in full 3. Carla Enterprises had a capital balance of $182000 at the beginning of the period. At the end of the accounting period, the capital balance was $194000. Assuming no additional investment or withdrawals during the period, what is the net income for the period?Are the following events recorded in the accounting records? Explain. (a) The owner of the company dies. _________________________________________________ ______________________________________________________________________________ (b) Supplies are purchased on account. ______________________________________________ ______________________________________________________________________________ (c) An employee is fired. __________________________________________________________ ______________________________________________________________________________ (d) The owner of the business withdraws cash from the business for personal use. ____________ ______________________________________________________________________________(c) Are the following events recorded in the accounting records? Explain your answer in each case. The owner of the company dies. Supplies are purchased on account. 3 An employee is fired. 4 The owner of the business withdraws cash from the business for personal use.
- identify which of the following transactions fall under operating,investing, and financing activities 1. Cash received from customers2. Cash paid to suppliers3. Cash paid to employees4. Cash paid to purchase equipment (the company does not sell equipment)5. Cash received from the sale of furniture (company’s main line of business is not related to furniture)6. Depreciation expense7. Sale of goods on credit8. Purchase of goods on credit9. Cash received from getting a loan from a bank13. Which of the following would not result in the recording of an expense? a Receipt of a bill from the telephone company. b Payment of wages. c Withdrawal by owner for personal expenses. d Purchase of gasoline for fill-up of company car.1. What are some examples of transactions that would need to be recorded or journalized? Can you provide an example of a transaction and the journal entry? Can you think of any events that where no entry would be recorded? 2. Are the following events recorded in the accounting records? Explain your answer in each case. (a) A major stockholder of the company dies. (b) Supplies are purchased on account. (c) An employee is fired. (d) The company pays a cash dividend to its stockholders. 3. What are the basic steps in the recording process? (a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or the credit? (c) Should accounting transaction debits and credits be recorded directly in the ledger accounts? (d) What are the advantages of first recording transactions in the journal and then posting to the ledger? 4. Accrual accounting is required under U.S. GAAP. One of the main principles of accrual…
- 1-Accounting software is related to which system of accounting? a. Manual Individual customer records b. Manual system of accounting c. Computerized accounting d. Any system of accounting 2-A Creditor of the business uses the financial statement for a. Day to day decision making related to the business b. Making the decisions to buy or sell the shares c. Evaluating the risks of granting credit or lending money d. Verifying whether the company complies with tax laws 3-For every debit there will be an equal credit according to a. Dual aspect concept b. Matching concept c. Money measurement concept d. Cost concept 4-Mr. Asif is an accountant. Purchase of Merchandise on credit for OMR 75000 was entered in Furniture Account for OMR 75000 but he posted Accounts payable entry is correct. Which of the following rectification entry is correct? a. Debit Accounts payable RO 75000 Credit Furniture RO 75000 b. Debit Purchase RO 75000 Credit Accounts payable account RO…Whi of the following transaction in hot of financial character? 1.Strike by employees. 2.Purchase of asset an credit. 3.withdrawing of money by proprietor from business. 4.Purchase of asset for cash.11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable b. Accounts payable c. Cash at Bank Muscat d. Salary and Wages paid by the business
- Which of the following business events would not be recorded in the accounting records? Group of answer choices A. Obtaining a bank loan. B. Putting down a deposit on a new vehicle. C. Signing a contract to rent equipment in the next accounting period. D. Receiving a deposit from a customer.12-Which of the following statement is True in regards to Accounting? a. Accounting is the language of business b. Accounting deals personal data c. Accounting will be used only in Government organization d. Accounting does not give opportunity to start any businessIt is the amount collected by the business in advance from the customers before the business actually provide the goods or services to the customers. a. Bank overdrafts b. Outstanding expenses c. Accounts payable d. Unearned revenues