Quiz Solutions

Harris Landscaping Services incurred $500 as a labor expense

Harris Landscaping Services incurred $500 as a labor expense and promised to pay the labor agency within 30 days. Which of the following accounts will increase as a result of this transaction? A) Accounts Receivable B) Cash C) Accounts Payable D) Retained Earnings ANSWER C

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Date: September 2nd, 2020

Which of the following is true of retained earnings? A) Ret

Which of the following is true of retained earnings? A) Retained earnings decrease with payment of dividends. B) Retained earnings increase with purchase of assets. C) Retained earnings decrease with collection of revenue. D) Retained earnings increase with payment on account. ANSWER A

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Date: September 2nd, 2020

Equity of a corporation is broken out into two components. W

Equity of a corporation is broken out into two components. Which of the following are the two components of the equity of a corporation? A) current assets and fixed assets B) common stock and liabilities C) revenues and expenses D) contributed capital and retained earnings ANSWER D

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Date: September 2nd, 2020

A transaction is any event that affects the financial positi

A transaction is any event that affects the financial position of the business and can be easily estimated. Indicate whether the statement is true or false ANSWER FALSE .A transaction is any event that affects the financial position of the business and can be measured reliably.

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Date: September 2nd, 2020