Match each transactions with its effect on the accounting equation. Each letter may be used more than once. Increase assets, increase liabilities Increase liabilities, decrease equity owner’s Increase assets, increase equity owner’s No effect Decrease assets, decrease liabilities Decrease assets, decrease equity owner’s Moderate DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Received cash for services provided c ANSWER: Received utility bill to be paid next month b ANSWER: Investment of land by owner c ANSWER: Paid part of an amount owed to a creditor e ANSWER: Paid cash for the purchase of a one year insurance policy d ANSWER: Received payment from a customer on account d ANSWER: Cash withdrawal by owner f ANSWER:
Match each transactions with its effect on the accounting equation. Each letter may be used more than once. Increase assets, increase liabilities Increase liabilities, decrease owner’s equity Increase assets, increase owner’s equity No effect Decrease assets, decrease liabilities Decrease assets, decrease owner’s equity DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Received cash for services provided ANSWER: c Received utility bill to be paid next month ANSWER: b Investment of land by owner ANSWER: c Paid part of an amount owed to a creditor ANSWER: e Paid cash for the purchase of a one year insurance policy ANSWER: d Received payment from a customer on account ANSWER: d Cash withdrawal by owner ANSWER: f
Accouting-26th-Edition-Test-Bank.docx