Multiple choice: 1. Transactions affecting owner's equity include: A. owner withdrawals and owner investments B. purchases of assets for cash C. purchases of assets on account D. only owner investments 2. A cash investment into the business by the owner would: A. increase liabilities and increase owner's equity B. increase total assets and decrease owner’s equity C. increase owner’s equity and increase total assets D. increase total assets and decrease liabilities

Multiple choice: 1. Transactions affecting owner's equity include: A. owner withdrawals and owner investments B. purchases of assets for cash C. purchases of assets on account D. only owner investments 2. A cash investment into the business by the owner would: A. increase liabilities and increase owner's equity B. increase total assets and decrease owner’s equity C. increase owner’s equity and increase total assets D. increase total assets and decrease liabilities

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Description: Multiple choice:1. Transactions affecting owner's equity include:A. owner withdrawals and owner investmentsB. purchases of assets for cashC. purchases of assets on accountD. only owner investments2. A cash investment into the business by the owner wo

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 1CE

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Multiple choice: 1. Collection of an account receivable would: A.decrease liabilities B.have no effect on owner's equity C. decrease owner’s equity D. increase total assets 2. A cash investment into the business by the owner would: A. increase liabilities and increase owner's equity B. increase total assets and decrease owner’s equity C. increase owner’s equity and increase total assets D. increase total assets and decrease liabilities
Owner's equity can be increased through _____. a. withdrawals by the owner b. purchase of assets by cash c. investments by the owner d. expenses exceeding revenues
Multiple choice: 1. If you sell on credit, your cash inflow depends very much on the A. Cash sales B. Agreements or unsecured accounts C. Collection of AR D. Age of receivables 2. Initial investment of the owner A. Fixed capital B. Working capital C. Capital structure D. Equity capital
21) Identify the effects of the following transactions on the asset, liability and owner's equity (Capital): eg: increase asset, increase liability, decrease capital....) item Transaction Effect a. Purchase a machine on credit b Sold vehicle by cheque C. Paid supplier by cash d. Withdraw cash by owner for personal use e. Received loan of cash from Alex f. Owner paid a creditor from his private funds Customer paid us by cheque g. h. Took $520 from bank and put in cash till i. Purchase lorry by cash j. Started business with $40,000 in bank account Bought van by cheque Sold some office equipment by cash Purchase inventory by credit Sold motor vehicle by credit Owner took inventory for own use Bought building $200,000 and paid cash $10,000 as deposit, balance by credit Paid loan by cheque Purchase computer terminals from DE on credit Received cash from customer Owner put in additional $10,000 cash into business Owner brought in a computer for office use k. 1. m. n. 0. P. 9. r. S. t. u.
Owner's equity Select one: a. The resulting amount when total liabilities are subtracted from total assets b. When total liabilities are added to total assets c. None of Them d. The resulting amount when total revenue are subtracted from total cost of sales
Owner's equity can be increased through a.expenses exceeding revenues. b.investments by the owner. c.purchases of assets for cash. d.withdrawals by the owner.
Owner's equity can be increased through withdrawals by the owner O b. investments by the owner O c. purchase of assets by cash O d. expenses exceeding revenues
Which of the following transactions will increase an asset and increase a liability?a. Purchasing office equipment for cashb. Buying equipment on accountc. Paying an account payabled. Issuing stock
3. The capital introduced by the owner will be treated as; Group of answer choices Liability Contra-Asset Asset Long-term investment 4. For every debit (Dr) there has to be an equal and corresponding credit (Cr), this is the rule of; Group of answer choices Cash flow statement Balance sheet Income statement Double entry system
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
An increase to which of these accounts will increase owners equity? (a) Accounts Payable (b) Drawing (c) Client Fees (d) Rent Expense
What are two transaction types that increase owner's equity? expenses and revenue O withdrawals and investments O investments and revenue expenses and withdrawals