Accounting Final BA 315 OSU(100% Verified)
Closing correct answers The process of transferring information from the revenue, expense, and
dividend accounts to the Retained Earnings account is called
Increase, Increase correct answers Acquiring cash by issuing common stock will cause assets on
the left side of the accounting equation to __ and common stock on the right side of the
accounting equation to __.
assets and liabilities correct answers When a business borrows cash from a creditor Blank______
increase.
sources of the company's assets correct answers The amounts in liabilities, common stock, and
retained earnings represent Blank______.
exchange correct answers When one asset decreases and another asset increases, an asset __
transaction has occurred.
operating correct answers Activities dealing with purchasing and selling short-term assets are
Blank______ activities.
dividend correct answers When a business transfers some or all of its earned assets to owners,
the transfer is called a(n) __ .
Liabilities correct answers In accounting terms, the obligations a business owes to its creditors
are called __.
False correct answers The amounts in liabilities, common stock, and retained earnings represent
the amount of cash held by the company.
Purchasing a building with cash correct answers Which of the following is an asset exchange
transaction?
Paying employees
Paying expenses
Cash receipts from customers correct answers Which of the following are operating activities?
and retained earnings to decrease correct answers Paying a cash dividend will cause cash
Blank______,
obligations to repay creditors
sources of assets correct answers Liabilities may be defined as Blank______.
Paying Employees correct answers Which of the following is an operating activity?
Stockholders may suffer sacrifices from business operations.
Operations is a source of assets.
Closing correct answers The process of transferring information from the revenue, expense, and
dividend accounts to the Retained Earnings account is called
Increase, Increase correct answers Acquiring cash by issuing common stock will cause assets on
the left side of the accounting equation to __ and common stock on the right side of the
accounting equation to __.
assets and liabilities correct answers When a business borrows cash from a creditor Blank______
increase.
sources of the company's assets correct answers The amounts in liabilities, common stock, and
retained earnings represent Blank______.
exchange correct answers When one asset decreases and another asset increases, an asset __
transaction has occurred.
operating correct answers Activities dealing with purchasing and selling short-term assets are
Blank______ activities.
dividend correct answers When a business transfers some or all of its earned assets to owners,
the transfer is called a(n) __ .
Liabilities correct answers In accounting terms, the obligations a business owes to its creditors
are called __.
False correct answers The amounts in liabilities, common stock, and retained earnings represent
the amount of cash held by the company.
Purchasing a building with cash correct answers Which of the following is an asset exchange
transaction?
Paying employees
Paying expenses
Cash receipts from customers correct answers Which of the following are operating activities?
and retained earnings to decrease correct answers Paying a cash dividend will cause cash
Blank______,
obligations to repay creditors
sources of assets correct answers Liabilities may be defined as Blank______.
Paying Employees correct answers Which of the following is an operating activity?
Stockholders may suffer sacrifices from business operations.
Operations is a source of assets.
