FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 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 systemarrow_forwardWhat is the owner’s right to the assets (claims to the assets) of the business called? Group of answer choices cash revenue accounts receivable owner’s equity or capitalarrow_forwardClassify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.arrow_forward
- 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 stockarrow_forwardWhat is the difference between Accumulated Depreciation and Depreciation expense? What statements do both appear on? What account are they on? Do they have a DR or CR balance?arrow_forwardFind out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital is OMR 119000 Select one : O a . OMR 439000 assets O b . OMR 201000 assets O c . OMR 349000 assets O d . OMR 102000 assets Clear my choicearrow_forward
- 1. Define the following: Assets Liabilities Owner's Equity Revenue Expenses2. Give the specific account titles for each.arrow_forwardHow is the account Land classified and what kind of balance should it have? Group of answer choices fixed, credit current asset, debit fixed, debit current asset, creditarrow_forwardThis account represents the amount paid in advance for future cost of items or services. a. Revenue b. Asset c. Prepaid expense d. Expensearrow_forward
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