Real accounts are related to
(a) Assets
(b) Expenses and incomes
(c) Customers and Creditors etc.
(d) None of these
Real accounts are related to Read More »
Accounting
The payment of rent each month for office space would
(a) Decrease total assets
(b) Increase liabilities
(c) Increase owner’s equity
(d) None of these
The payment of rent each month for office space would Read More »
An owner investment of each into the business would
(a) Increase assets
(b) Decrease liabilities
(c) Increase withdrawals
(d) Decrease owner’s equity
An owner investment of each into the business would Read More »
A cash purchase of supplies would:
(a) Decrease owner’s equity
(b) Increase liabilities
(c) Have no effect on total assets
(d) None of these
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An owner investment of land into the business would
(a) Decrease withdrawals
(b) Increase liabilities
(c) Increase owner’s equity
(d) Decrease assets
An owner investment of land into the business would Read More »
Economic resources of a business that are expected to be of benefit in the future are referred to as:
(a) Liabilities
(b) Owner’s equity
(c) Withdrawals
(d) Assets
(e) None of these
All of the following are forms of organizations except
(a) Proprietorship
(b) Corporation
(c) Retailer
(d) Partnership
All of the following are forms of organizations except Read More »
The investment of personal assets by the owner
(a) Increases total assets and increases owner’s equity
(b) Increases total assets only
(c) Has no effect on assets but increases owner’s equity
(d) Increase assets and liabilities
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The business form(s) in which the owner(s) is (are) personally liable is (are) the
(a) Partnership only
(b) Proprietorship
(c) Corporation only
(d) Partnership and proprietorship
(e) None of these
The business form(s) in which the owner(s) is (are) personally liable is (are) the Read More »
Users of accounting information include:
(a) The tax authorities
(b) Investors
(c) Creditors
(d) All of these
Users of accounting information include: Read More »