Solved

Which of the Following Represents Effects of an Asset Use

Question 140

Multiple Choice

Which of the following represents effects of an asset use transaction on a company's financial statements?  Assets = Liab. + Equity  Rev.  Exp. = Net Inc.  Cash Flow \begin{array} { | l | l | l | l | l | l | l | } \hline \text { Assets } = & \text { Liab. } + & \text { Equity } & \text { Rev. } - & \text { Exp. } = & \text { Net Inc. } & \text { Cash Flow } \\\hline\end{array}


A)
= NA + NA  NA = NA -FA \begin{array} { | l | l | l | l | l | l | l | l | l | l | l } \hline - & = & \text { NA } & + & - & \text { NA } & - & \text { NA } & = & \text { NA } & \text {-FA } \\\hline\end{array}
B)
=+ NA  NA = IA \begin{array}{|l|l|l|l|l|l|l|l|l|l|l|}\hline- & = & - & + & \text { NA } & \text { NA } & - & - & = & - & - \text { IA } \\\hline\end{array}
C)
=NA+NA= OA \begin{array}{|l|l|l|l|l|l|l|l|l|l|l|}\hline- & = &NA & + &-&-& - &NA & = & - & - \text { OA } \\\hline\end{array}
D)
 None of these could represent the effects of an asset source transaction. \text { None of these could represent the effects of an asset source transaction. }

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents