The purchase of an asset for cash
A. increases total assets.
B. increases total liabilities.
C. has no effect on total assets.
D. decreases owner's equity.
Answer: C
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Morris Company established a petty cash fund with a $600 balance. Which of the following statements is incorrect?
A) A journal entry is needed to debit the Cash account and credit the Petty Cash account for $600. B) There is no net effect on current assets. C) The sum of the cash plus the total of the petty cash tickets should equal $600 at all times. D) The petty cash custodian cashes a check for $600 and places the currency in the petty cash fund box.
The individual power source of “rewards” is equivalent to which source of top executive power?
a. distribution of resources b. control of decision criteria c. centrality d. access to all levels
A, B and C own property as joint tenants with right of survivorship. C makes an inter vivos conveyance to D. C's actions: A) Are ineffective - D must return the property
B) Are effective provided the other joint tenants consented. C) Are effective and D is a tenant in common. D) None of the above
Referring to the accompanying figure, using a secure encrypted connection, the ____ enters the account information in a Web form and submits it.
A. buyer B. seller C. merchant account D. customer bank