Question

Contributing capital in form of cash $10,000 will
a. Increase in asset and liability
b. Increase one asset and reduce another assets
c. Reduce asset and liability
d. Increase in asset and reduce liability
2) In accounting an Economic event is referred to as:
a) Cash
b) Bank statement
c) Transaction
d) Exchange of money

3) Recording costs of goods sold $500 will
a. Reduce one asset but increase another asset
b. Increase in asset and increase in liability
c. Reduce asset and increase in liability
d. Reduce in asset and reduce in liability

4) Selling goods on account $1,800 will
a. Reduce one asset but increase another asset
b. Increase in asset
c. Reduce asset
d. Increase in asset and liability

5) Purchased office supplies on credit $300
a. Increase in asset and reduce liability
b. Increase in asset and liability
c. Reduce asset, increase liability
d. None of these

6) Revenue from selling goods $2500 on account
a. Increase asset and reduce liability
b. Reduce asset
c. Increase in asset and liability
d. Reduce in asset, increase liability

7) Customers paid $1,800 for goods bought on credit last month
a. Increase in asset and reduce liability
b. Increase in asset and liability
c. Reduce asset, increase liability
d. Increase in asset and reduce in another asset

8) Purchased a truck in cash $5,000
a. Increase in asset and reduce liability
b. Increase in asset and liability
c. Increase an asset and reduce another asset
d. None of these

9) One customer paid rent in advanced $500. This will:
a. Increase in one asset
b. Reduce one asset but increase another asset
c. Increase liability
d. Increase in asset and liability

10) Recording expense on electricity $350 will
a. Increase in asset
b. Reduce one asset but increase another asset
c. Reduce asset
d. Increase in asset and liability

Answer 1

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HERE IS UR ANSWER

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Answers are

1. option C
2. option A
3. option D
4. option C
5. option B
6. option A
7. option D
8. option B
9. option A
10. option C

Answer 2

Answer: Answers are

option C

option A

option D

option C

option B

option A

option D

option B

option A

option C