Cash, marketable securities, notes receivable, and merchandise inventory are examples of
A) current assets.
B) expenses.
C) acid-test assets.
D) fixed assets.
E) overhead costs.
A
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The accounting entry for the additions to equipment that increase the usefulness of equipment includes
a. debiting Repair Expense and crediting Equipment; b. debiting Cash and crediting Equipment; c. debiting Equipment and crediting Cash or a liability account; d. debiting Equipment Expense and crediting Cash or a liability account; e. debiting Equipment and crediting Purchases
Sara, a traveler, visits a climate-controlled, lighted shopping center with retail stores on both sides of an enclosed walkway. What type of shopping center is this most likely to be?
A. Power center B. Enclosed shopping mall C. Neighborhood shopping center D. Lifestyle center E. Outlet center
Under the net method of handling credit and debit card payments, the ________.
A) net amount of the sale is credited to the Sales Revenue account on the date of sale B) credit to the sales revenue is selling price less the transaction fee C) business writes a check to the third-party processor for the processing fee D) processing fee is debited to the Credit Card Expense account on the date of sale
Which of the following independent transactions would cause net income to be more than cash from operating activities?
a. A decrease in the accounts receivable account b. An increase in the merchandise inventory account c. An increase in the accounts payable account d. An increase in the accrued wages payable account e. None of these answer choices is correct.